The Tool Desk
Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Correction: “blacklisted” is not the Financial Conduct Authority’s formal wording. The FCA placed RI Markets and CFreserve on its Warning List of unauthorised firms in December 2019.
The warnings mean the FCA believed the businesses were providing financial services or products to UK consumers without the required authorisation. They do not, by themselves, amount to a criminal conviction, a finding of fraud against every person involved, or proof that the two businesses were the same operation.
What the FCA warned about
The FCA Warning List is a consumer-protection tool. It identifies firms that the regulator believes may be operating in the UK without permission. The FCA’s concern is particularly important for investments, foreign exchange and other trading products, where consumers may send substantial sums to firms outside the UK.
Both entries concern businesses that the FCA said were targeting UK consumers and carrying on activities that required authorisation. Neither warning describes the firm as an FCA-authorised broker that later lost its licence.
#1 Best Overall
RI Markets: details of the FCA warning
The FCA published its warning about RI Markets on 20 December 2019, and the record was last updated on the same date.
| FCA record | Details |
|---|---|
| Warning type | Unauthorised firm |
| Website listed | rimarkets-fx.com |
| Address listed | Ajeltake Road, Ajeltake Island, Republic of the Marshall Islands, MH 96960 |
| Telephone listed | 2039364555 |
| First published | 20 December 2019 |
The FCA said it believed RI Markets might be providing financial services or products in the UK without authorisation and targeting people in the UK.
That is narrower than saying the FCA convicted RI Markets of fraud. The warning establishes the regulator’s position that the firm was unauthorised; it does not itself record a criminal conviction.
The contact information above comes from a 2019 warning. The FCA cautions that unauthorised firms can change names, websites, email addresses, phone numbers and physical addresses. Old details should therefore be treated as identifiers for the historical warning, not as confirmation that the website or telephone number is still active.
What’s actually slowing this PC down?
Pick the symptom - the matching free tool is one click away.
CFreserve: details of the FCA warning
The FCA published its warning about CFreserve on 6 December 2019. The warning title describes it as “CFreserve (a trading style of Imperial App Limited)”. The page shows 5 December 2019 as its last-updated date.
Rank #2
| FCA record | Details |
|---|---|
| Warning type | Unauthorised firm |
| Company description | Trading style of Imperial App Limited |
| Website listed | www.cfreserve.com |
| Address listed | City of Sofia 1324, County of Sofia Stolichna Municipality, Borough of Lyulin, 28 Jawaharlal Nehru Blvd, Office 24, Bulgaria |
| Telephone listed | +353766803226 |
| Emails listed | [email protected] and [email protected] |
| First published | 6 December 2019 |
The FCA said it believed CFreserve had been providing financial services or products in the UK without authorisation, targeting UK consumers and carrying on regulated activities that required permission.
The separate warning does not say that CFreserve previously held FCA authorisation or that its licence was cancelled. On the FCA’s account, it was unauthorised.
Were RI Markets and CFreserve the same company?
The FCA records do not establish that connection.
RI Markets is associated in its warning with an address in the Republic of the Marshall Islands. CFreserve is expressly identified as a trading style of Imperial App Limited, with a listed address in Bulgaria. The warnings do not say that the firms had common ownership, shared directors, used the same platform or formed part of the same corporate group.
Recommended Free Tools
It is possible for separate trading brands to appear connected online, but that would require evidence beyond these two FCA entries. The responsible description is that both were separately listed by the FCA as unauthorised firms.
What “FCA blacklisted” means in practice
“Blacklisted” is a convenient headline term, but it can imply a formal punishment or criminal finding. The FCA’s terminology is more precise: these firms appeared on its Warning List of unauthorised firms.
Rank #3
The list warns consumers that the FCA believes a business may be operating without the necessary permission. It is not an exhaustive register of every scam or unauthorised firm. A business can be unsafe even if its name does not appear there, including because unauthorised firms frequently change their names.
The FCA Warning List currently provides a search field labelled “Search for names of firms”, a “Search” button, first-letter filters from “0-9” through “Z”, a sortable “Name” column and a “Clear filters” control. The list is live, so its total entry count changes over time and should not be treated as a historical count for December 2019.
How to check a broker before sending money
- Search the FCA Warning List. Look for the firm name, website, telephone number and any trading names. Treat a match as a serious warning, even if the salesperson claims the listing is outdated.
- Use the FCA Firm Checker. Search for the legal entity and trading name, not just the brand shown on an advert.
- Open the Financial Services Register entry. Check that the firm is authorised for the specific service being offered. A firm may have permission for one activity but not for investments, CFDs, foreign exchange or a particular type of client.
- Compare the details exactly. Check the domain, phone number, company name and address against the regulator’s record. A near-match is not proof that you are dealing with the authorised firm.
- Do not rely on a logo or claimed reference number. Scammers can copy FCA branding and quote genuine firms’ registration details.
- Stop if the firm demands more money to release a withdrawal. Requests for “tax”, “insurance”, “verification”, “recovery” or bonus-related payments are common escalation points in investment scams.
What protection may be lost
The FCA says that consumers dealing with an unauthorised firm generally will not have access to the Financial Ombudsman Service for complaints against that firm or the Financial Services Compensation Scheme if the firm fails.
Protection for an authorised firm depends on the particular service, investment and permissions involved. Authorisation is not a guarantee that an investment will make money, but dealing with an unauthorised firm removes important regulatory safeguards.
The FCA also notes that payments made to fraudsters on or after 7 October 2024 may fall within protections introduced by the Payment Systems Regulator, depending on the payment method and circumstances. That does not make every loss recoverable, so a victim should contact their bank or payment provider immediately.
What evidence exists about RI Markets disputes?
Published Financial Ombudsman Service decisions describe complaints involving RI Markets. In some cases, consumers said they were unable to withdraw funds or were told they had to meet further trading or bonus conditions. One decision records that a consumer later found the FCA warning, and the Ombudsman considered the surrounding facts when assessing the complaint.
Outdated Drivers Are Slowing You Down
One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchPC Slower Than It Used to Be?
A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11Another Ombudsman decision concluded, on the information available in that individual case, that the consumer was likely the victim of a scam rather than someone who had simply lost money through a high-risk investment.
Those are findings in particular complaints. They should not be presented as an FCA enforcement finding against every person or entity associated with RI Markets.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.CFreserve was also mentioned by Belgium’s regulator
Belgium’s Financial Services and Markets Authority, or FSMA, included CFReserve (www.CFReserve.com) in a warning about fraudulent online trading platforms. The FSMA advised the public not to respond to offers of financial services from the platforms named in that warning.
This is separate evidence from a different regulator. It adds context about CFreserve, but it does not prove that CFreserve and RI Markets had common ownership or were operated by the same people.
Best Value
FAQ
Did the FCA blacklist RI Markets and CFreserve?
The FCA placed both names on its Warning List of unauthorised firms. “Blacklisted” is informal shorthand, not the FCA’s formal description. The warnings do not themselves record criminal convictions or FCA findings that either firm committed fraud.
Was CFreserve regulated by the FCA before it was warned?
The FCA warning does not say that CFreserve was previously authorised or that it lost a licence. It describes CFreserve as an unauthorised firm and as a trading style of Imperial App Limited.
Were RI Markets and CFreserve the same broker?
The available FCA warnings do not establish that they were the same business or part of the same group. They give different identifying information, and only CFreserve is expressly linked to Imperial App Limited.
Can I recover money sent to RI Markets or CFreserve?
Recovery is not guaranteed, particularly because the FCA says unauthorised-firm customers generally do not have Financial Ombudsman Service or FSCS protection. Contact your bank or payment provider immediately, report the matter to the FCA and Action Fraud, and preserve account statements, messages, contracts and payment records.
Is a broker safe if it is not on the FCA Warning List?
No. The FCA says the list is not exhaustive and that unauthorised firms may change names. Check the FCA Firm Checker and Financial Services Register, and confirm that the firm has permission for the exact service it is offering.
The Bottom Line
The accurate conclusion is that the FCA warned UK consumers about RI Markets on 20 December 2019 and CFreserve, a trading style of Imperial App Limited, on 6 December 2019. Both were described as unauthorised. CFreserve was also named in an FSMA warning about online trading platforms.
Those records support calling both businesses FCA-listed unauthorised firms. They do not support claiming that the FCA convicted either firm of fraud, that CFreserve previously held an FCA licence, or that RI Markets and CFreserve were the same corporate operation.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
Free tools Windows power users keep installed
One-click scans. No signup required.
