FCA warns against BUBBLEXT
On 6 October 2020, the FCA published a Warning against BubbleXT, a firm that according to the FCA may be providing financial services or products in the UK without their authorisation.
The FCA has become aware that consumers are still being targeted by scammers who have set up ‘recovery rooms’ with promises of returning their funds for a small upfront fee. The scams have included false emails claiming that the FCA was sponsoring the recovery schemes.
How To Protect Yourself From Scams
Brokerswatch recommends investing only with brokers that are regulated by reputable authority.
Reputable regulatory authority provides additional protection to investors by ensuring that financial firms apply proper standards and rules. Additionally, if the broker tries to cheat you out of your money, it is the regulator’s job to force the financial firm to compensate you for any wrongdoing.
