It seems that fraudulent behaviors are just not stopping when it comes to binary options trading firms in the UK. The financial watchdog Financial Conduct Authority (FCA) has once again cautioned the prospective and existing clients that there is yet another clone firm on the trading market and this time they are impersonating Tiney Fund Managers Limited. The actual, legitimate firm provides many financial services along with investment planning.
The clone firm that has taken over the identity of the authorized firm has a published website under the address www.tilneyfundmanagers.com and has made it look and sound as close to the original as possible in an attempt to misguide and trick potential investors into thinking that they are a legitimate, respectable firm.
The Financial Conduct Authority (FCA) is strongly warning all retail investors who are thinking about doing business with this firm or who have been contacted by them to avoid them and exercise extreme caution if they do communicate with them. The authority also notes that there are several ways to identify if a company is genuine or not.
The original company and the one which does have necessary licenses to conduct their business will always have a registration number written somewhere on their website, usually in the bottom of the homepage. If you do not come across such information you can also check with the FCAs register to see if the firm in question is listed in their files. IF neither of the methods proves fruitful, there is a pretty good chance you are dealing with a scam broker and you should report them as soon as possible.
Traders also need to be aware that there have been many similar cases in the recent months and that the dangers might be lurking around the corner. Take all necessary steps to ensure that you are safe and your funds protected before doing business with any broker on the market.