After receiving numerous complaints from the public, FCA decided to investigate Trade12 activity. Like many other unregulated brokers, the firm is registered on the Marshall Islands claiming at the same time that their office is situated in London.
The regulator found out that GFS has been targeting customers with no trading experience, promising immediate profits after the initial deposit. Customers were subjected to high-pressure tactics by sales representatives and, eventually, were forced to make a deposit. Investors also complained about not being able to withdraw their funds from the firm and even when the money was taken out, their accounts appeared to indicate major losses.
A spokesperson from FCA made it clear that the regulator will undertake all the needed actions to ensure the company is shut down.