FX education provider SOFX gets FCA warning
UK financial regulator The FCA has issued a warning regarding FX trading education services provider SOFX, which operates the so-fx.com website.
Unlike many of The FCA’s warnings which involve phantom companies or offshore entities from abroad, SOFX does seem to be a properly organized and incorporated UK entity – just operating without an FCA license. Regulatory filings show that the website is owned and operated by SO FX Limited (UK company number 11249233) which was set up in 2018. SO FX Limited has three directors – Jack Kingsnorth, George Linfield, and Max Strode-Gibbons, all UK residents.
SO-FX seems to do much of its marketing and business on social media. The company’s Instagram account has more than 30,000 followers, while co-owner George Linfield’s Instagram has 22,900 followers, to whom he frequently posts pictures of his purple Lamborghini. SOFX’s Facebook page has more than 17,000 followers, and on Twitter more than 7,500.
On its social media accounts the company called itself “the UK’s leading Forex education provider… learn a skill for financial freedom.” The company’s posts on social media include statements such as:
If our complete beginners can make realistic profits, why can’t you?
Who caught this move of over 250 pips and rode the wave from our live podcast last month?
Ready to become a PRO advanced forex trader?… Enroll into our newly developed advanced course…
11.25% Profit in the last month on the SO Capital Trade Copier…
+500 pips banked for the week… Another day, another 122 pips banked
The SOFX website lists courses for both Beginner and Advanced traders, costing from £399 up to £995.
Interestingly, the company posts a pop-up on its website saying that it has become aware of fraudsters replicating Instagram accounts of its staff, and as a result some members of the public are being scammed.
The FCA stated that this firm is not authorised by it and is targeting people in the UK. Based upon information the regulator holds, it believes that SOFX is carrying on regulated activities which require authorisation.
The FCA gave the following contact information for SOFX:
- Address: Roman Landing, 35-37 St Mary’s Place, Southampton SO14 1AU
- Telephone: 023 8017 8743, +4447771606768
- Instagram account: https://www.instagram.com/georgelinf/; @georgelinf; @sofx;
- Website: https://so-fx.com
The FCA stated to be aware that scammers may give out other false details or change their contact details over time to new email addresses, telephone numbers or physical addresses.