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This email is not intended to nor should it be taken to create any legal relations or contractual relationships. This email has originated from the Financial Conduct Authority (FCA), or the Payment Systems Regulator Limited.

The Financial Conduct Authority (FCA) is registered as a limited company in England and Wales No. 1920623. Registered office: 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom

The Payment Systems Regulator Limited is registered as a limited company in England and Wales No. 8970864. Registered office: 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom

Switchboard 020 7066 1000

Web Site http://www.fca.org.uk (FCA); http://www.psr.org.uk (the Payment Systems Regulator Limited)

Dear Mr Cppte

We refer to your enquiry below relating to ISGXchange.com.

Your email has been passed to the FCA's Customer Contact Centre as they are the most appropriate area to deal with your enquiry. They will be in touch with you in due course.

Please quote reference number 205301929 in any correspondence with them.

Yours sincerely

Information Disclosure Team
Financial Conduct Authority

show quoted sections

Dear Michael,

Thanks for contacting the Financial Conduct Authority (FCA). I understand
you’ve been dealing with a firm called ISGXchange.com and they’ve taken a
large amount of money from you. Despite making numerous requests for this
money to be returned to you, the matter remains unresolved.

I appreciate this has been extremely frustrating for you and you’re
looking to clarify whether the FCA has any way of dealing with companies
like this.

Our role

We’re tasked with regulating the UK’s financial markets as a whole and in
order to do this we must remain impartial. This means we’re unable to
investigate or intervene on individual cases and we don’t have dispute
resolution powers for individual complaints.

What we can do is provide guidance regarding any relevant rules an
authorised firm should be adhering to and the options available to
consumers to try and resolve any issues.

ISGXchange.com

The FCA Register is a database of financial service firms and I’ve
searched this Register for details of ISGXchange.com however there are no
matches appearing. This indicates that they’re not authorised or regulated
by us.

I’ve also checked their website and it states that they offer binary
options. Since 03 January 2018 any UK firms offering binary options have
needed to be authorised by the FCA to do so. As ISGXchange don’t appear on
our Register as authorised I’ve checked our list of known [1]unauthorised
binary options firms and there is an entry appearing for “ISG Xchange”
which has their address listed as 122 Leadenhall Street, London EC3V 4AB
and the website address matches the one you’ve provided for them.

This information indicates that you’ve been dealing with an unauthorised
firm.

Your next steps

In dealing with an unauthorised firm you won’t have access to the
[2]complaints process or escalation to the [3]Financial Ombudsman Service.
It’s also unlikely that any money you’ve invested with them would be
protected under the [4]Financial Services Compensation Scheme (FSCS).

If you’ve been unable to resolve this matter with ISGXchange.com directly
your next step would be to seek some independent legal guidance in order
to ascertain your rights and any further options you have available for
recourse. A good starting point for this would be [5]Citizens Advice.

If you believe you’ve been scammed by the firm or they’re acting
fraudulently, you should report this to your local police and because the
firm claim to be based within the UK you can also report their details to
an organisation called Action Fraud.

They’re the UK’s national fraud reporting service and they collect
intelligence on matters such as online fraud and financial crime. You can
find out more about Action Fraud, including the different ways you can
contact them, [6]here.

Once you’ve dealt with one unauthorised firm, you’re more likely to be
contacted by others so please be cautious of any unsolicited calls, emails
or letters you receive; particularly if they claim to be able to help
recover the money you’ve already paid out.

Before doing business with a financial services firm we’d recommend
consumers carry out some checks to clarify whether the business you’re
looking to undertake is regulated and whether the firm you’re looking to
do business with is authorised to conduct those regulated activities. You
can check the status of a financial services firm by searching for them on
the [7]FCA Register or by calling our Consumer Helpline on 0800 111 6768.

What we’ve done with the information you’ve provided

Whilst we already have a record of ISGXchange.com appearing on our list of
unauthorised binary options firms, it’s useful for us to know that they’re
still operating and so I’ve logged the information you’ve provided and
made it available to the relevant team within the FCA tasked with
collecting intelligence on unauthorised firms.

Please note that we’re unable to provide feedback regarding what action is
taken as a result of the information that is shared with us. You can read
more about this [8]here.

I appreciate that this isn’t the response you were hoping for however I
trust the information provided has been useful. I’d also like to thank you
again for taking the time to contact us and wish you the best in obtaining
a satisfactory resolution.

Kind Regards,

Pete Scrivener
Associate | Consumer Contact Centre
Financial Conduct Authority | [9]www.fca.org.uk
Consumer Helpline: 0800 111 6768
 

ref:_00Db0K8yP._5000X1RhjVs:ref
This communication and any attachments contain information which is
confidential and may be subject to legal privilege. It is for intended
recipients only. If you are not the intended recipient you must not copy,
distribute, publish, rely on or otherwise use it without our consent. Some
of our communications may contain confidential information which it could
be a criminal offence for you to disclose or use without authority. If you
have received this email in error please notify [email address]
immediately and delete the email from your computer. Further information
on the classification and handling of FCA information can be found on the
FCA website
(http://www.fca.org.uk/site-info/legal/fc...).

The FCA (or, if this email originates from the Payment Systems Regulator
Limited, the FCA on behalf of the Payment Systems Regulator Limited / the
Payment Systems Regulator Limited) reserves the right to monitor all email
communications for compliance with legal, regulatory and professional
standards.

This email is not intended to nor should it be taken to create any legal
relations or contractual relationships. This email has originated from the
Financial Conduct Authority (FCA), or the Payment Systems Regulator
Limited.

The Financial Conduct Authority (FCA) is registered as a limited company
in England and Wales No. 1920623. Registered office: 25 The North
Colonnade, Canary Wharf, London E14 5HS, United Kingdom

The Payment Systems Regulator Limited is registered as a limited company
in England and Wales No. 8970864. Registered office: 25 The North
Colonnade, Canary Wharf, London E14 5HS, United Kingdom

Switchboard 020 7066 1000

Web Site http://www.fca.org.uk (FCA); http://www.psr.org.uk (the Payment
Systems Regulator Limited)

References

Visible links
1. https://www.fca.org.uk/consumers/binary-...
2. https://www.fca.org.uk/consumers/how-com...
3. http://www.financial-ombudsman.org.uk/
4. https://www.fscs.org.uk/
5. https://www.citizensadvice.org.uk/about-...
6. https://www.actionfraud.police.uk/
7. https://register.fca.org.uk/ShPo_Homepage
8. https://www.fca.org.uk/freedom-informati...
9. http://www.fca.org.uk/