Britain’s top financial regulator, the Financial Conduct Authority (FCA), today warned that it believes an unauthorized company under the name TVT Investment management has been providing financial services or products to UK residents without regulatory permission.
All firms and individuals have to be authorised by the FCA.
Concerns centre that this asset manager may be a scam and the FCA added that it was flagged for operating and targeting UK citizens without a license.
The FCA pointed out that the company is based out of Hampshire, United Kingdom and also maintains a presence in other jurisdictions while soliciting its clients using its website www.tvt-partners.com.
The FCA has waged war on unregistered online trading firms and clone companies, and the number of brokers on its blacklist continues to grow. Last month, the British regulator issued a – a forex brokerage firm has been falsely claiming registration, and a clone that has been posing as being affiliated with banking giant Morgan Stanley.
Besides clarifying that the firm in question lacks the proper authorisation to be targeting British customers, the FCA also said in its official statement that it strongly advises investors to only deal with financial firms that are authorised, and check the Financial Services Register to ensure they are.
According to the , many of these entities are acting in a capacity requiring them to be registered with the FCA. Registration allows the agency to provide greater security and oversight of the industry by examining whether firms meet minimum financial standards as well as disclosure, reporting, and recordkeeping requirements.
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