UK’s financial industry watchdog, the Financial Conduct Authority (FCA) on Tuesday issued a circular warning potential investors against StoxMarkets, which also conducts its business using other names such as Marketier Holdings. FCA states the company was offering financial services or products to clients in the UK without proper authorization from the regulator.
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FCA said the company has an address of Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, which is home to many unregulated brokers. The company also maintains a presence in other jurisdictions and solicits clients using its www.stoxmarket.com.
All businesses and individuals that offer, promote or sell financial products or services in the UK must be authorized by the FCA.
The FCA urged customers to avoid engaging in transactions with the company, or any other unregulated company for that matter, and requested clients to report any firms suspected of conducting business in Britain without proper authorization.
A brief review of the StoxMarkets website reveals that it offers investment services on a wide range of financial instruments, ranging from equities, forex, to asset management solutions.
The UK watchdog further stated: “You should be aware that if you give money to an unauthorised firm, you will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.”
Source: Finance Magnates