Home Broker News FCA Issue Warning Over Parantoux Trading & Swed Bank Clone

FCA Issue Warning Over Parantoux Trading & Swed Bank Clone

A clone popped in the U.K by the name of Swed Bank which is a Swedish platform

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The FCA (Financial Conduct Authority) has formally issued a warning on the Wednesday against the financial platforms of Investment Supermarket, Parantoux Trading and Capital Seven.

The online brokerage firms; pentox and capital seven are reported to offer fixed income investments to their clients. The FCA, alongside these two entities, have also issued a warning against a clone platform which was authorized by an EEA firm, Swed Bank.

As the market declares, these companies are prohibited from offering their financial services to individuals that reside in the United Kingdom.

The FCA made it clear in the statement that any platform, firm or individual that aims to offer financial services has to be authorized by the authority itself. They declared that these firms were seen to be offering financial services without the authority of FCA which was seen as a violation.

This caution is also against all those unregistered or scam firms that are already operating in the market. These scams wrongly convince investors for huge amounts in reward for great returns. The FCA warned the investors that such scammers can provide false details or change their contact information including telephone numbers and physical addresses.

A Genuine Platform’s Clone

www.sweduk.com is the web address that was being used by the clone platform with the following listed emails; henryking@sweduk.com and jonathanurner@sweduk.com. Furthermore, the FCA also stated that www.swedbank.com and www.swedbank.se addresses were also used with a physical address from Sweden.

In their statement they also mentioned that these fraudulent activities take place by using details of authorized firms and luring investors to invest huge amounts.  The United Kingdom based regulation authority is in constant process of identifying such suspicious firms that included Olympus Global, STS Royal, Bitcoin Evolution and an Ignis Markets’ Clone.

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