Reason for this visit

According to the Reuters, the United Kingdom has expanded its leading position in the field of global FX trading in the years since it voted to leave the European Union. In addition, the British retail foreign exchange market has one of the world's three most stringent regulatory bodies, that is the Financial Conduct Authority (FCA). Many FX dealers take obtaining FCA regulation for pride, and also hope to enter the country to develop market business. To help investors or practitioners have a more comprehensive understanding of the dealers in that country, the survey team is going to UK for site visits.

On-site visit

This time the survey team went to London, England to visit the foreign exchange dealer SCB. The survey address is UniT C 16 DuFFerin STreeT London EC1Y 8PD UNITED KINGDOM.

The survey personnel came to the destination of the survey based on the above address, which is located in an office building at No.16 DuFFerin STreeT, London, England. The building is in a small alley and is very remote.

The investigators found Unit 3, which looked like a facade, and the gate was closed. In the vicinity, the investigators did not find the logo or name of the foreign exchange dealer SCB.

Conclusion

The investigators went to London, UK to visit the foreign exchange dealer SCB as planned. They did not find the dealer’s office on its supervisory address. The dealer simply borrowed the address to register the company. This is a case of untrue supervision. Investors are advised to choose this dealer carefully.

Disclaimer

The content is for informational purpose only, and shall not be taken as final order for making choice.