UK’s FCA warns of another set of unauthorized companies, urges the elderly to be cautious

UK’s FCA warns of another set of unauthorized companies, urges the elderly to be cautious

- in All News, Warnings
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UK’s financial services watchdog, the Financial Conduct Authority (FCA), has issued a warning against the companies TRD Brokers and TRD Futures Group.

According to the FCA, the two are not authorized to provide financial services in the UK, but have nevertheless been targeting residents of the country. The watchdog notes that being unauthorized, the companies might be actually committing share fraud – scams when fraudsters cold-call investors offering them worthless, overpriced or even non-existent shares. While they promise high returns, those who invest usually end up losing their money.

The two companies in question share the same business address in London and operate from the sites www.trdbrokers.net and www.trdfutures.com/en. The former offers to private and institutional investors trading in futures, CFDs on indices, stocks and commodities and exchange-traded funds (ETFs). The latter has a website in English, Spanish and Russian and offers financial advising. Besides the London address, it also has an address in an office building in Moscow.

Meanwhile, the FCA issued a report warning that people over the age of 55 are more likely to fall victim to a financial scam and  urged retirees to take the necessary precautions before making investments. A research of the watchdog found that people aged 65 and over with savings in excess of GBP 10 000 were three and a half times more likely to fall victim to investment fraud, compared with the wider population.

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