FCA Calls Out OMC Markets As Unauthorized FX Broker

With scams on the rise, financial regulators across the globe have their work cut out for them when trying to protect consumers. This Thursday, the Financial Conduct Authority (FCA) has yet again updated its warning list to include a new entity.

That entity goes by the name of OMC Markets. According to the statement from the regulator, this company is not authorized by the FCA and it is offering services, which it believes fall under its authority, to people of the United Kingdom.

“Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by us. However, some firms act without our authorisation and some knowingly run investment scams. This firm is not authorised by us and is targeting people in the UK,” the FCA said in its warning.

The regulator provides the following details belonging to the entity:

Address: Personal Found LTD Sofia 1000, Geo Milev residential area, 17 Andrei Nikolov Str., ap.4

Telephone: 03300271542; 03300271643; 03300271610

Email: support@omcmarkets.com; compliance@omcmarkets.com; compliancemain@omcmarkets.com; info@omcmarkets.com

Website: www.omcmarkets.com

Taking a look at the website, OMC Markets claims to be a foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term) and contracts for difference (CFD) broker, offering a range of assets to trade, including commodities, stocks, futures, FX, and indices.

“Since our inception, OMC Markets has operated with an unsurpassed level of ethics and excellence allowing our investors and traders to continually enjoy safe and profitable trading,” the entity said on its website.

FCA remains vigilant

The FCA has stepped up its game in the past year when it comes to protecting retail investors. First by following the lead of the European regulator ESMA in 2018 when it issued measures to restrict the marketing CFDs to retail clients, which mainly applied to regulated providers.

The final step was taken in July after making ESMA’s temporary intervention measures permanent, but with some differences, such as applying them to a wider range of products.