FCA warns of unregulated broker TITAN LIMITED
The UK’s financial industry watchdog, the Financial Conduct Authority (FCA), issued a circular on Tuesday warning potential investors against TITAN LIMITED, which also conducts its business using other brand names.
The FCA states that the company was offering financial services and products to clients in the UK without proper authorization from the regulator.
Echoing previous warnings, the regulator also cautioned investors against dealing with financial firms that it has not authorized.
The FCA said that the company’s address is Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, which is home to many unregulated brokers. The company also maintains a presence in other jurisdictions and solicits clients using its website https://titanftx.net. Although the FCA has censured this broker in previous warnings, the website still appears to be available to potential customers based in the United Kingdom.
TITAN LIMITED has raised regulatory concerns on several prior occasions. Ontario Securities Commission (OSC) issued a warning that the broker was not authorised to target Ontario investors. In addition, France’s financial market regulator also included Titan in its periodically updated list of websites that offer online trading, for which no authorised investment services provider could be identified.
All businesses and individuals that offer, promote or sell financial products or services in the UK must be authorized by the FCA.
The FCA urged customers to avoid engaging in transactions with the company, or any other unregulated company for that matter, and requested that clients report any firms suspected of conducting business in Britain without proper authorization. The regulator also reminded investors to check its Financial Services Register, which lists firms that are authorized, as well as the Interim Permission Register, which shows firms that have not yet been approved.
The FCA has been calling on the public to be alert to the growing threat of unregulated firms targeting UK residents. This plea comes as recent reports show investors have lost millions to fraudulent brokers while complaints to the FCA consumer helpline increased by more than 50 percent.
The UK watchdog further stated: “You should be aware that if you give money to an unauthorised firm, you will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.”
