The Financial Conduct Authority (FCA) has added Forex-gpt.com to its warning list of unauthorised firms, stating that the firm "is not authorised by us and may be targeting people in the UK".
According to the regulator, the firm may be providing or promoting financial services or products without FCA permission. The FCA advised consumers to avoid dealing with the firm and to beware of scams, noting that almost all firms and individuals must be authorised or registered to carry out or promote financial services in the UK.
The notice identifies the domain www.forex-gpt.com, along with a Facebook profile and the Instagram handle @yourforexstyle.
No Ombudsman or FSCS protection
The FCA warned that consumers who deal with the firm will not have access to the Financial Ombudsman Service if they want to complain, and will not be protected by the Financial Services Compensation Scheme (FSCS) if things go wrong. That means it is unlikely they would get their money back should the firm go out of business.
The regulator also cautioned that some firms give incorrect contact details, including postal addresses, telephone numbers and email addresses, and may change them over time. Details supplied may belong to another business or individual, making the information appear genuine.
Consumers who sent money to a fraudster on or after 7 October 2024 may be covered by protections introduced by the Payment Systems Regulator (PSR), the FCA said.
The FCA urged consumers to deal only with authorised financial firms and to use the FCA Firm Checker to confirm a firm's authorisation and permissions. Anyone unexpectedly contacted by a financial business should reply using the contact details listed on the Firm Checker. Those who believe they have been approached by an unauthorised firm can call the FCA on 0800 111 6768 or use its contact form.
