PU prime is not Regulated by UK's Financial Conduct Authority, Says the Regulator

On 10 November, the Financial Conduct Authority (FCA) updated its warning page for PU prime (Pacific Union (Seychelles) Limited), once again reminding UK financial consumers that the broker is not regulated in the country.

The FCA says that the firm may be offering or marketing financial services and products without the permission of the UK regulator. The consumers are reminded to avoid dealing with the firm and to beware of scams.

Meanwhile, the regulator warned that UK investors dealing with PU prime will not have access to the Financial Ombudsman Service or protection under the UK Financial Services Compensation Scheme (FSCS) in the event of a problem with the transaction.

The FCA said that almost all firms and individuals carrying out financial services in the UK must be supervised by the regulator, and that only investors in FCA-authorised firms can be protected by the regulator.

This is not the first time PU prime has been warned in the UK. On 10 May this year, the FCA first warned UK consumers that the broker was not regulated.

PU prime is a forex broker regulated by the Financial Sector Conduct Authority (FSCA) of South Africa and the Financial Services Authority (FSA) of the Seychelles. Meanwhile, it was also warned in some countries.

On 17 October 2022, the French forex regulator AMF placed PU prime's French-language website (fr.puprime.net) on its warning list.

On 30 May 2023, the Danish Financial Supervisory Authority (Danish FSA) issued an announcement stating that the firm was not authorized by the FSA even though it was marketing investment services to Danish clients. This is a violation of the country's investment firm laws.

Though offshore foreign exchange brokers are not always be globally seen as illegal, many countries have strict requirements for FX brokers - only brokers registered with the local regulator are allowed to carry out financial services or promote financial products in the respective region.

Before conducting investment activities with any broker, investors should confirm the regulatory status of the investment company and make an informed and safe decision.