Polish FSA Issues Public Warning Against Unregistered Brokerage

The Polish Financial Supervision Authority has issued an official public warning on its website against the 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 brokerage FXImperium. The warning urges investors to tread carefully with the company, as it has been operating from the country without proper authorization.

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FXImperium has been actively operating within Polish territory, despite not currently being registered with the Polish FSA. Investors are advised to be wary if contacted by the company, since its operations do not fall under the legal parameters required for offering financial services in Poland.

The PFSA has maintained its vigilant attitude toward unlawful activity for a long time. Throughout 2017, there have been numerous occasions of similar incidents, in which the regulator has issued stern warnings against brokerages. Investors are expected to do their own due diligence before investing with a company, although the FSA’s website has a comprehensive list, detailing companies that should be avoided by the public. Following the websites of regulators like the FSA to obtain the most up to date information regarding various financial companies can be the difference between trading at a reliable firm and falling victim to the fraudulent activity that has plagued the industry in recent years.

The scope of the FX industry’s landscape in Poland has been brought to question in recent years. In December of 2016, Aleksandra Wiktorow, head of the Financial Ombudsman, referred to the FX industry as “poorly regulated.” The comment was made in response to increasing complaints over the legality of FX brokers’ operations and handling of client funds. At the time, he commented: “Before we turn to strictly legal matters, it is necessary that we now answer the following questions: What is the forex market really? What are the mechanics of executing transactions? Who are the market participants?” Aleksandra explained in the interview with WP Money.”

The sheer number of complaints that have been issued in the last couple of years sparked a clampdown by the FSA and Polish officials to assure brokerages’ Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term with regulatory restrictions and rules. The regulator continues to issue public warnings in its attempt to limit additional unlawful activity that could influence Polish and global investors.