UK’s FCA warns of the broker FX Sep being a clone

UK’s FCA warns of the broker FX Sep being a clone

- in All News, Warnings
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The UK financial regulator, the Financial Conduct Authority (FCA), issued a warning against the company FX Sep Investor Services (aka FXSEP), which is a clone of the regulated company Scottish Equity Partners LLP.

The clone operates from the website Fxsep.com and offers brokering services to traders, investors and fund managers. An SMN staff check on the website revealed that the information is scarce and requires registration, but there is a ticker with forex pairs rates, prices of commodities, company stocks and indices. The website also has versions in Italian and French. The clone claims it is certified by an entity, called “Financial Institute”, is registered in the Companies House and displays the seal of the Registrar of Companies for England and Wales. A quick search revealed FX Sep Investor Services is not present in the Companies House registry.

The FCA warns investors to be wary, especially if they are cold called by representatives of FX Sep. The regulator notes that the legitimate regulated company is named Scottish Equity Partners LLP, has a business address in Glasgow and is operating from the website sep.co.uk. It is a venture capital firm set up in 1991 and has since then invested in more than 150 companies.

Earlier this week the FCA warned of Markets Central Investment, a clone of FCA-regulated forex and contracts for difference (CFDs) broker Central Markets London (CML).

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