The Financial Conduct Authority, which is the body regulating the financial services market in the UK and its participants, has issued a warning to draw the attention of the investing public to a specific firm for which evidence exists that it has been providing financial services or products in the UK without the proper authorization by the competent authority.
The FCA, once again urges potential investors to be especially wary of dealing with this and indeed all other firms identified as being unauthorised , if they want to better protect themselves from scammers and reminds that almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by the FCA.
The firm in question, which according to FCA is not authorised by it but has been targeting people in the UK operates under the name GE Shaw Management Group and through its website www.geshawgroup.com. Its listed address is 101 West Madison Street, Chicago, Illinois, 60607, United States and it also provides a US telephone and fax number for contact purposes.
The FCA once again advises the public to only deal with authorised firms, to report any unauthorised firms that come to their attention and to check the Financial Services Registry in order to ensure that companies claiming to be registered, indeed are so.
Although many believe that the practice of issuing warnings against unathorised firms, an action taken by all regulatory authorities worldwide, is not a very effective method for scam and fraud prevention, it appears to done the trick in this case, because following the FCA warning, when trying to access the GE Shaw Management Group website, one receives the following message:
"Website Maintenance. Please check back later."
George Milios is the founder of onlineforextrading.net, the binary options and forex news portal which is dedicated to providing you with all the information you need to successfully trade.