Inspection Reason

There are many calls from investors asking for more disclosure of UK traders whose real office address was not in accordance with regulatory information. Given the feedback from the investors, the investigation team planned to pay a site visit to the UK broker Velocity.

Office

According to the regulatory information, the UK licensed company Velocity was located at 2nd Floor Queens House 8-9 Queen Street Lonodn ec4n 1sp United Kingdom. The investigation team paid a site visit to the office.

The surveyors search Queen Street according to the regulatory information and GPS navigation. The surveyors were despaired that the GPS navigation unexpectedly brought the surveyors to the office building in which Santander Bank is located.

The surveyors made much effort and found Queen Street at last. However, the surveyors didn’t find the office building with building number 8 and 9 after walking around the street to and fro several times. The surveyors went back home fruitless. 

Conclusion

The site investigation by the investigation staff confirmed that the UK licensed broker Velocity doesn’t exist. As was informed, the broker hold a financial service company license issued by FSP, and two investment advisory licenses issued by ASIC and FCA, without forex brokerage qualification. The broker goes beyond its licensed business scope and has risk at certain degree. Please choose the broker prudently to avoid fund loss.