UK’s FCA warns against Prest & Grove

UK’s FCA warns against Prest & Grove

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The UK regulator, the Financial Conduct Authority (FCA) warned that the company Prest & Grove is providing financial services without authorization. The FCA notes that the company has an address in London and has been targeting UK customers and may be running a scam.

On its website Prest & Grove claims it is among the “market leaders” offering “lucrative opportunities” to a “multitude of clients on a global scale with the most comprehensive product platforms available”. The company offers investment on the forex market, with “customised portfolios across all traditional currency pairings.” There are also investment opportunities in cryptocurrencies and storage facilities. Prest & Grove pledges “rigorous due diligence” in the investment projects and claims it does not handle client money. It is instead held in a FCA/SRA registered custodian account.

According to its website, the company has a registration number 08818046, but it doesn’t turn up neither in the Financial Services Register, nor in the UK Companies House registry.

The FCA urges the potential investors to be careful and to deal only with financial firms that are authorized by it.

As a rule the financial services providers, be they investment companies or brokers, must be registered and regulated by the financial watchdog of the company in which they provide their services. This provides legal compliance and relative security of the investors’ funds.


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