FCA Adds Premier FX Copy Cats to List of Suspicious Firms

You’ll by no means guess what occurred this afternoon fellow Finance Magnates reader. That’s proper, the UK’s Financial Conduct Authority (FCA) has added one more agency to its warning listing of suspected scams.

On this event the agency is named Premier FX and it says that it’s primarily based in London. Not simply primarily based in London thoughts you however primarily based in Grosvenor Street, simply across the nook from the United States’ embassy.

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Now, provided that the agency is a price range rip-off, the percentages are it doesn’t have an workplace within the coronary heart of Mayfair. In reality, I’d be prepared to wager cash that it doesn’t. So, if you happen to really feel like getting in on a wager, be happy to ship me an e-mail.

Gambling apart, the corporate purports to supply some kind of overseas change service. More particularly, the corporate’s web site says that it primarily helps companies with funds and foreign money change.

Not the actual Premier FX

The agency’s identify might sound acquainted to some and that’s as a result of there may be, or maybe extra precisely ‘was,’ a overseas change firm known as Premier FX that’s regulated by the FCA. The ‘actual’ Premier FX collapsed in the midst of final yr after falling into administration.

But, sadly for us, the pretend one continues to be up and operating. Finding opinions for the positioning just isn’t straightforward as they seem like solely comprised of the indignant former clients of the real Premier FX.

Still, trying on the means the positioning is ready up, the truth that it lies about its licensing and virtually definitely lies about its handle, it’s not tough to determine the corporate’s modus operandi. They’ll take your cash and, when you’ve deposited it into their accounts, you’ll by no means see it once more.

As with most companies that seem on the FCA warning listing, this writer advises you to remain far, distant from Premier FX – pretend or real.


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David is the founder of The firm originates business financing for companies of all size in the Canadian marketplace . Originations include business loans, term loans, asset based lines of credit, SR ED Tax credit financing , and receivable financing .

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