Reason for this visit

According to the Reuters, the United Kingdom has expanded its leading position in the field of global FX trading in the years since it voted to leave the European Union. In addition, the British retail foreign exchange market is regulated by the Financial Conduct Authority (FCA), one of the world's three most stringent regulatory bodies. Many FX brokers take obtaining FCA regulation for pride in the hope of entering the country to develop business in local market. In order to help investors or practitioners have a more comprehensive understanding of foreign exchange brokers in the UK, WikiFX survey team is going to the country for on-site visits to the local companies.

On-site visit

In this issue, the survey team went to London in the UK to visit forex broker UKI (full name: UK Insurance) as planned according to its regulatory address that Churchill Court, West Moreland Road, Bromley, Kent, BR1 1DP, United Kingdom.

With the help of navigation tool, the investigators came to Churchill Court at West Moreland Road in a developed commercial area of Bromley in the south of London on October 2, 2023.

As the headquarters of Direct Line Group, the target building is situated at a bustling street. There was a reception area and security guards in the building without a directory. But people weren‘t allowed to enter it without an access card. According to the receptionist, there was only one office occupied by a department of UK Insurance Business Solutions, and UKI/UK Insurance didn’t exist in the building.

Through an on-site investigation, it is confirmed that UKI doesnt have a physical presence at the place.

Conclusion

The survey personnel went to London, the UK to visit forex broker UKI as scheduled, but didnt find the company at its regulatory address. This suggests that the broker may just register at the location without a physical business office. Therefore, investors are advised to choose the broker cautiously.

Disclaimer

The content is for informational purpose only, and shall not be taken as a final order for making a choice.