The UK’s Financial Conduct Authority (FCA) has issued a warning about a fraudulent firm operating under the name “XTB Online,” which is unlawfully offering financial services while misusing the branding of the legitimate broker XTB.
According to the FCA, this unregistered entity is falsely claiming to be based at One Canada Square in Canary Wharf and is using a website and contact details that may appear credible. However, the regulator confirmed that “XTB Online” is not authorised to provide financial services in the UK and has no affiliation with the FCA-regulated XTB Limited.
The clone firm has replicated branding elements and address details to mislead investors. The FCA emphasized that individuals dealing with such unauthorised firms are not protected by the Financial Ombudsman Service or the Financial Services Compensation Scheme (FSCS), leaving them vulnerable to financial loss.
Consumers are urged to verify any firm’s credentials using the FCA’s register before engaging in financial transactions. The regulator also warned against responding to unsolicited contact from firms claiming to be regulated.
For more info please visit: https://www.fca.org.uk/news/warnings/xtb-online
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