17% compounded monthly takes your account up 7 fold in one year.
10k at that rate would "only" yield 168,070,000 in 5 years if my Ponzi spreadsheet is programmed correctly. Your eventual ownership of the world would require a few more years than a 21% interest rate would permit.
This is what FCA replied back to me
Dear Mr Hola,
Thanks for your recent web form where you ask about a firm you’ve been considering using.
I can’t find a record of this firm
I can’t find a record of UTMarkets on our
Financial Services Register. This could mean we don’t regulate them and have no knowledge of them.
They also don’t say anything on their website about being authorised by us. Firms offering
Contracts For Difference and Spread Betting to UK consumers need to be authorised and regulated by us.
Protect yourself from unauthorised firms
You should only use a firm we authorise and regulate.
If you use a firm we don’t authorise or regulate, you won’t have access to the
Financial Ombudsman Service or the
Financial Services Compensation Scheme if anything goes wrong.
These two organisations can only help customers of firms we authorise.
More information about how and why you should
protect yourself from unauthorised firms is explained on our website.
What I’ve done with the Information
I’ve referred this to our intelligence team so they’re aware this firm might not be authorised by us when they might need to be.
We might be able to use this information, because on top of what we do as
the Regulator of UK Financial Services Firms, we try and warn consumers about the
financial scams consumers tell us about.
How we try and warn consumers
We try and make sure consumers are aware that they’re doing the right thing when it comes down to using a financial firm, by making sure they’ve checked to
only use a firm we authorise, and
avoiding scams.
We’ve also got a list of
unauthorised firms to avoid that we continually add to, as well as information about
rejecting cold calls.
I hope this information helps warn you that I can’t find a record this firm’s authorised by us.
How was your experience with the FCA?
To help us improve our service, I’m interested in finding out about your experience with the Contact Centre today. I’ll send you a link to a survey and I’d appreciate it if you could take a few moments to share your feedback.
Yours sincerely,
L A Manhood (Mr)
Associate | Customer Contact Centre
Financial Conduct Authority |
www.fca.org.uk
Consumer Helpline: 0800 111 6768