Intimation by the Financial Conduct Authority against Dakken Group

The Financial Conduct Authority (FCA) has recently issued a warning for the citizens of the United Kingdom related to Dakken Group. The notice has been issued especially for the UK-based investors to caution them about interacting with Dakken Group.

The regulator has issued the warning revealing Dakken Group is involved in offering financial services and products to the UK citizens without authorization.

The FCA wants the investors to be very vigilant when interacting, depositing, and attempting trades through Dakken Group. As the firm is not regulated, it is very risky for the investors to interact with the platform.

The regulatory authority has reasons to believe that the firm may be involved in running a fraudulent scheme to lure away people’s investments.

Warning

As per the Financial Conduct Authority, Dakken Group is offering the citizens of the United Kingdom with financial products as well as financial services without any approval.

The platform is unauthorized to offer any finance related services to the UK investors. Until it is authorized, any services that the platform offers pose a great risk and the possibility of investors losing their money.

Therefore, the investors must avoid any kind of contact or interaction with the platform or the services it has to offer.

According to the regulator, it is also a possibility that the contact information provided by the platform on its website is incorrect. The site may be offering incorrect details to mislead the investors or visitors.

Unauthorized to Offer Services in the UK

As per the financial regulations in the United Kingdom, any firm wanting to offer financial services or products needs to be authorized. The Financial Conduct Authority is the regulatory body in the United Kingdom that grants such authorizations.

If the FCA is issuing a warning against the Dakken Group of not being a regulated firm, then there is no doubt about the illegitimacy of the platform.

The FCA has confirmed that the particular online trading service provider is not authorized to offer its services in the United Kingdom at all. The firm has acquired no such authorization or permission from the UK regulator to offer financial services to the citizens of the United Kingdom.

Any services that the platform is offering are unregulated and are in breach of the financial regulatory guidelines in the United Kingdom.

The FCA has recommended the investors in the United Kingdom not to interact with the platform. Interacting with the platform is nothing but something that is full of risks.

As the firm is not authorized, there is a possibility that any information or claim it is making on the website is untrue. The offers or the packages it is offering on its platform may be attractive for the sake of getting money out of the investors.

Such platforms do this in order to get money out of people and then bar them from using their services. They do not even let them withdraw their funds by posing many unrealistic and unachievable conditions.

No Chance of Recovering Funds

The regulatory authority has made it clear that if the investors end up losing money to Dakken Group, there is no chance of recovering it. The users will have no regulatory coverage or protection to have them reimbursed for the lost funds.

Information about Dakken Group

The website for Dakken Group is dakkengroup.com and the email address it has offered [email protected]. The firm claims its physical address is First Floor, First Saint Vincent Bank Limited Building, James Street, Kingstown, Saint Vincent and the Grenadines.

Another address that the platform has provided is Woodberry Grove, Finchley, United Kingdom, N12 0DR.

The firm claims it is customer oriented and offers all services for the benefit of the investors. The platform claims it provides services in cryptocurrencies, indices, commodities, and forex covering hundreds of markets.

On the website, Dakken Group claims it offers multiple trading solutions, strategies, platforms, and so much more.