FCA Warns Against Parantoux Trading, Swed Bank Clone
The Financial Conduct Authority (FCA) on Wednesday issued warning against two financial platforms – Parantoux Trading and Investment Supermarket.
Pentox is an online trading firm while Investment Supermarket offers fixed income investment services to its customers.
Along with the two, the FCA also cautioned investors against a clone platform of an EEA-authorized firm Swed Bank.
Per the market watchdog, these companies are not authorized by it to offer financial services to the United Kingdom residents.
“Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorized by us,” the FCA warning stated. “We believe this firm has been providing financial services or products in the UK without our authorization.”
The watchdog cautions against these firms as it believes that many such unregistered firms are running scams, luring investors with promises of a high return on their investment.
“Be aware that scammers may give out other false details or change their contact details over time to new email addresses, telephone numbers or physical addresses.
Clone of a genuine platform
FCA also detailed that the authorized platform operated from www.swedbank.se and www.swedbank.com with a physical address in Sweden.
“Fraudsters are using the details of firms we authorize to try to convince people that they work for a genuine, authorized firm,” FCA warned.
The UK regulator is continuously adding suspicious companies to its warning list. Last week, it warned against an array of platforms including Bitcoin Evolution, Olympus Global, STS Royals, and a clone of Ignis Markets.
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