FCA Warns Against Unauthorised Forex-gpt.com Firm

The UK Financial Conduct Authority (FCA) has warned consumers not to deal with Forex-gpt.com, saying the firm is unauthorised and may be targeting people in the UK. The warning names the website www.forex-gpt.com, a Facebook account and the Instagram handle @yourforexstyle. The FCA says firms and individuals generally need its authorisation or registration to provide or promote financial services in the UK. Forex-gpt.com is not authorised by the regulator. The FCA also cautions that unauthorised firms may use incorrect contact details or details belonging to another business or person, and that those details can change over time. Consumers who deal with the firm would not have access to the Financial Ombudsman Service to pursue a complaint and would not be protected by the Financial Services Compensation Scheme (FSCS) if the firm failed. The FCA says recovery of money in that situation is unlikely. It also notes that some people who sent money to a fraudster on or after 7 October 2024 may be covered by protections introduced by the Payment Systems Regulator. The FCA advises checking a firm and its permitted services using the FCA Firm Checker, and contacting authorised firms only through the details listed there. Anyone who believes they have been approached by an unauthorised firm can report it to the FCA by calling 0800 111 6768 or using the regulator’s contact form.