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Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minuteThe Financial Conduct Authority (FCA) published a warning about City Global Trading on 5 December 2018. The regulator described it as an “Unauthorised firm” and said it “may be providing financial services or products in the UK without our authorisation”.
The warning identified the firm as targeting people in the UK and listed its website as www.cityglobaltrading.com. The warning was first published and last updated on 5 December 2018; it is not a new warning issued in 2023, 2024, 2025 or 2026. See the FCA warning.
What the FCA warning says about City Global Trading
The FCA warning gives the following details:
| Item | Details |
|---|---|
| Firm | City Global Trading |
| Address | United Kingdom |
| Website listed by the FCA | www.cityglobaltrading.com |
| Warning published | 5 December 2018 |
| Last updated | 5 December 2018 |
| FCA description | Unauthorised firm |
The FCA also warns that firms can change their telephone numbers, email addresses and physical addresses. A contact detail that differs from the one on the warning page does not, by itself, show that a new firm is legitimate or separate from the business named in the warning.
Does the warning prove City Global Trading was a scam?
Not on the evidence of this FCA notice alone. The regulator said it believed City Global Trading may have been providing financial services without authorisation and that it was targeting UK consumers. It did not state in this notice that the firm had been convicted of fraud, had stolen customer money or was a criminal enterprise.
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That distinction matters. The supported descriptions are “FCA warning” and “unauthorised firm”. Calling the business a legally proven scam or fraudster would require separate authoritative evidence that is not contained in this warning.
What customers could lose by dealing with an unauthorised firm
The FCA says that people dealing with City Global Trading would not have access to the Financial Ombudsman Service or protection from the Financial Services Compensation Scheme (FSCS). If something went wrong, customers would therefore be unlikely to recover their money through those usual financial-services protection arrangements.
The Financial Ombudsman Service generally considers complaints against firms authorised by the FCA or Prudential Regulation Authority, or firms that have joined its voluntary jurisdiction. A firm using words such as “FCA regulated” does not automatically qualify.
FSCS protection also depends on several conditions:
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- the provider or adviser must be authorised by the FCA or PRA;
- the activity and product must fall within the relevant FSCS rules;
- the firm must have failed or be unable to meet its obligations; and
- the claim must be eligible under the scheme.
FSCS protection is not insurance against ordinary investment losses or poor performance.
The current FSCS investment limit is generally £85,000
Some older articles still quote a £50,000 FSCS limit for investments. According to the FSCS investment claims guidance, that figure generally applies to firms that failed between 1 January 2010 and 31 March 2019. For investment claims involving a firm that failed after 1 April 2019, the FSCS currently states a limit of up to £85,000 per eligible person, per firm.
This does not mean that every trading loss is covered, and it does not create protection for an unauthorised firm such as the one identified in the FCA warning.
How to check a trading firm with the FCA now
The old City Global Trading warning directed consumers towards the Financial Services Register. Current FCA consumer guidance instead highlights the FCA Firm Checker, which should be used to confirm both a firm’s authorisation and its permission for the particular service being offered.
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The FCA’s current warning-list route is:
- Open the FCA website.
- Select Consumers.
- Choose FCA Warning List.
- On the page headed “FCA Warning List of unauthorised firms”, find “Search for names of firms”.
- Enter the name and select Search.
For an exact-match search, enter: “City Global Trading”.
The page also includes Clear filters, alphabetical filters from 0-9 through Z, and sortable columns for Name, Date added and Date updated. Results update when the search term or filters change. See the FCA Warning List.
Do not rely solely on the warning list. The FCA says a firm may still be unauthorised or a scam even if it does not appear there. Businesses can change names, and the regulator may not yet know about a new identity. Check the Firm Checker and make sure the firm has permission for the specific activity—for example, arranging investments, providing investment advice or operating a trading platform.
Could a customer still recover money?
The lack of FCA authorisation, Ombudsman access and FSCS protection does not necessarily eliminate every possible recovery route.
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For payments made on or after 7 October 2024, the Payment Systems Regulator’s mandatory reimbursement rules may apply to qualifying authorised push payment (APP) scams. The rules cover eligible individuals, microenterprises and charities using participating payment services. The Payment Systems Regulator’s APP reimbursement guidance states that the maximum reimbursement is generally £85,000 per claim, although a payment provider may apply an excess of up to £100, subject to the rules and exceptions.
This is separate from FCA authorisation and FSCS protection. It relates to the payment system and the circumstances of a bank transfer; it is not a guarantee that an investment loss will be reimbursed.
What to do if City Global Trading approached you
- Stop sending money. Do not pay further “taxes”, withdrawal fees, verification charges or recovery fees without independent advice.
- Contact your bank or payment provider immediately. If you made a bank transfer after being deceived, explain that you suspect an APP scam and ask what recovery process applies.
- Preserve evidence. Save emails, messages, website addresses, account statements, payment references, telephone numbers and screenshots of the trading account.
- Report the matter to the FCA. Its Consumer Helpline is 0800 111 6768.
- Be cautious of recovery scams. People who have already lost money may be targeted by callers promising to recover it for an upfront payment.
The FCA warning itself does not establish that every person who used the website lost money. It does establish that, as at the date of the notice, the regulator considered City Global Trading an unauthorised firm that may have been providing financial services in the UK without permission.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.FAQ
When did the FCA warn against City Global Trading?
The FCA published its warning on 5 December 2018 and last updated it on the same date. It should not be described as a recent FCA warning without making that original date clear.
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Did the FCA officially call City Global Trading a scam?
No. The notice describes City Global Trading as an “Unauthorised firm” and says it may have been providing financial services or products without authorisation. The notice does not say the firm was convicted of fraud or stole customer money.
Does FSCS protection cover losses with City Global Trading?
The FCA warning says customers dealing with the firm would not have access to FSCS protection. More generally, FSCS cover requires an authorised provider, an eligible regulated activity and product, and a claim that meets the scheme’s rules.
Is the FSCS investment limit £50,000 or £85,000?
For eligible investment claims involving a firm that failed after 1 April 2019, the current limit is generally up to £85,000 per eligible person, per firm, according to the FSCS. The £50,000 figure generally relates to firms that failed between 1 January 2010 and 31 March 2019.
What should I do if I transferred money to City Global Trading?
Contact your bank or payment provider immediately, report suspected APP fraud if appropriate, retain all evidence and contact the FCA on 0800 111 6768. Do not make additional payments to anyone promising recovery without checking them independently.
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City Global Trading appears on an FCA warning published on 5 December 2018. The FCA said it may have been providing financial services in the UK without authorisation and classified it as an unauthorised firm. The notice does not, by itself, prove a criminal fraud.
Anyone considering a trading firm should check the FCA Firm Checker for the firm’s identity and the specific permissions it claims to hold. If money has already been sent, contact the bank or payment provider quickly and report the approach to the FCA. For qualifying APP scam payments made from 7 October 2024, separate reimbursement rules may apply, but those rules are not the same as FCA, Ombudsman or FSCS protection.
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