Belgium FSMA warns public against UFXBank

The Financial Services and Markets Authority (FSMA) warns against the activities of UFX Bank, which is offering investment services to Belgian residents and improperly presents itself as a bank.

UFX claims to be a company with registered office in the United Kingdom at Dalton House, 90 Windsor Avenue, London SW19 2RR.

It offers, among other things, speculative transactions in 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 derivatives.

The company does not have the authorization necessary to offer investment services or to carry out banking activities in or from Belgium.

The FSMA thus advises against responding to any offers of investment services made in the name of UFX Bank and against transferring money to any account number they might mention.

Moreover, the FSMA reminds the public of its warning issued on 29 June 2011 about the risks associated with speculative foreign exchange transactions.

Would you like to enquire more generally as to the regularity of a transaction being proposed? If so, please consult the Consumers page on the FSMA website (www.fsma.be) or contact the 'Relations with Consumers of Financial Services' department (tel.: +32 2 220 59 10; email address: peri@fsma.be).

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