The regulator says that GoldTech Media Services OU, trading as Glenmore Investments, has been targeting UK investors recently.
The company’s website claims to offer ‘insured client funds’, share dealing, indices trading, CFDs, forex trading and a number of other products including what it calls “negative balance protection.” Its website at www.glenm.com was still live today.
The FCA said: “We believe this firm has been providing financial services or products in the UK without our authorisation.”
The FCA added: “Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by us. However, some firms act without our authorisation and some knowingly run investment scams.
“This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.”
The FCA has warned investors to only deal with financial firms on its Financial Services Register. It has also reminded investors that if they give money to unauthorised firms they will not be covered by the Financial Ombudsman Service.
Reports about unauthorised firms can be made to the FCA Consumer Helpline on 0800 111 6768. There is also an online reporting form.