UK financial regulator warns against Estonia's GoldTech

British financial regulatory body Financial Conduct Authority (FCA) has issued its latest warning against the Estonian-registered company GoldTech Media Service OÜ as an unregulated financial services provider targeting British consumers.

"Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorized by us," the FCA said. "However, some firms act without our authorisation and some knowingly run investment scams. This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation."

On its website, GoldTech Media Service claims to offer "insured client funds," share dealing, indices trading, CFDs, forex trading and a number of other products, including what it calls "negative balance protection."

Its website at www.glenm.com was still live as of Monday.

"We believe this firm has been providing financial services or products in the UK without our authorisation," said the British regulator.

According to the FCA, GoldTech Media Servicelists its address as: Tornimäe 5, 10145 Tallinn, Estonia. Creditinfo, meanwhile, lists the company's address at Roosikrantsi 2, Tallinn.

The Estonian Financial Supervision Authority issued a warning regarding GoldTech Media Service on 26 January.

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