UK’s Financial Conduct Authority warns of Ostrich Capital
UK’s Financial Conduct Authority (FCA) has published a warning against the forex and CFD broker Ostrich Capital. A broker has been targeting UK citizens, claiming to be authorized by FCA, while actually, it is not. The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. The FCA regulates financial firms providing services to consumers and maintains the integrity of the financial markets in the United Kingdom. Ostrich Capital operates through the website www.ostrichcapital.com and provides Forex and CFD trading. The broker is owned by Venture Gravity LTD and based in London, United Kingdom. However, the broker is not authorized with the UK’s FCA. Without proper authorization, there is no way for regulators to protect investors from fraudulent activity, due to a lack of monitoring by any governing body to ensure that proper practices are being adhered to by the companies. Also, the clients of the company keep on leaving negative reviews on the web about aggressive and arrogant employees who refuse to release their money when clients request it. Overall, we don’t recommend this broker due to the lack of financial regulation. All brokers licensed by UK’s Financial Conduct Authority are under the umbrella of the Financial Services Compensation Scheme (FSCS), which can pay up to £50,000 per client. Unlike FCA-licensed brokers, unregulated ones are not obliged to keep their clients’ money in segregated accounts. You can read our review on this broker here.