In the highly competitive and volatile forex market, scams are rampant, causing many investors to suffer significant losses. Numerous unlicensed brokers often lure investors with false promises or opaque trading terms, while in reality, they may be involved in fraudulent activities and eventually abscond with funds, making it difficult for victims to seek redress. In light of this, Cashback Island continuously monitors market developments and has compiled the latest warning list of unlicensed brokers issued by the Financial Conduct Authority (FCA) of the United Kingdom to help forex traders identify potential risks, stay away from financial traps, and better protect their funds.
If you find yourself trading with an unregulated broker, it is advisable to stop adding funds immediately and contact local financial regulatory authorities or relevant legal institutions as soon as possible to mitigate potential losses. Furthermore, when selecting a broker, always ensure it is authorized by a legitimate regulatory body and carefully review its trading terms and client feedback to reduce risks and ensure trading security.
List of Entities Warned by the FCA
The following is the list of forex brokers and clone companies warned by the Financial Conduct Authority of the United Kingdom on March 18.
Address: 55-61 HIGH ST, ELTHAM, UNITED KINGDOM, SE9 1TD
Email: support@connectedpip.com
Website: https://connectedpip.com
About the FCA (Financial Conduct Authority of the United Kingdom)
The Financial Conduct Authority (FCA) is the financial regulatory body of the United Kingdom. Established in 2013, it replaced the former Financial Services Authority (FSA). Its core responsibilities are to protect consumers’ rights, maintain market integrity, and promote competition. Its regulatory scope covers banks, investment firms, insurance companies, consumer credit institutions, payment service providers, financial market infrastructures and more.
The FCA’s main regulatory functions include Authorisation, requiring firms to obtain approval before providing regulated financial services; Conduct Supervision, ensuring firms treat customers fairly while preventing market manipulation, fraudulent activities, and mis-selling; and Market Oversight, monitoring the stability and transparency of financial markets. The FCA has enforcement powers, allowing it to impose fines, revoke licenses, or restrict business operations. It also actively promotes financial innovation, such as through the Regulatory Sandbox, which enables emerging fintech companies to test their business models in a controlled environment, fostering development and competition in the financial industry.
For more detailed information about the FCA, you can visit its official website: https://www.fca.org.uk/
