British Financial Conduct Authority (FCA) has published new warnings about companies offering financial services without necessary authorizations.
CFsum is run by a company named Bestfolio Consulting from Estonia. The broker does not have any license that would allow it to offer investment services in regulated countries. Since it is offering its services to UK’s residents, the FCA has put it on its blacklist.
ProCapitalMarkets is located in Saint Vincent and the Grenadines and it is not regulated. Despite the lack of a license it is soliciting residents of Great Britain, therefore breaking the laws. This is why the FCA has warned against it.
The company wants people to pay fees upfront, 5 to 10 % of the lost amount, the minimum seems to be around 1000 dollars. Time4actions says it is based in the Czech Republic, but the phone number leads to Israel.
According to the FCA Time4actions is offering its services in the UK without the necessary authorization, this is why it has been blacklisted.
Ellis and Burlington
Ellis and Burlington is headquartered in Israel and it also offers its services in the UK and Australia. The regulator FCA has stated that this company is not authorized to provide the services it is offering.
Rockwell Investment Management
The company is located in Great Britain, but it is not authorized by the FCA. This is why it was blacklisted.
CFsum, ProCapitalMarkets, Time4action, Ellis and Burlington and Rockwell Investment Management were blacklisted by the Financial Conduct Authority from Britain for offering financial services without the necessary authorizations.
For investing we recommend using only regulated companies and brokers.