Gurvin Singh hit the headlines in 2019 when he claimed he was making £110,000 per month via Forex Trading. Now Financial watchdogs have issued an official warning about some of the firms owned by the 20-year-old Plymouth student. The warning comes after dozens of people lost hundreds of thousands of pounds investing in the currency market in the run-up to Christmas.
The Financial Conduct Authority (FCA) said Mr Gurvin Singh Forex Trader and his companies GS3 Trades Ltd and GS3 Marketing Ltd are not authorised to provide financial services or products in the UK.
It said: “We believe this firm (Gurvin Singh, GS3 Trades Ltd, GS3 Marketing Ltd) has been providing financial services or products in the UK without our authorisation.”
And it warned: “Be especially wary of dealing with this unauthorised firm. Based upon the information we hold. We believe it is carrying on regulated activities which require authorisation.”
It then went on to warn people of the danger of unauthorised scammers targeting investors.
But Mr Singh, insists he has not done anything wrong.
He admitted to that he is not authorised by the FCA. But, stressed he does not have to be.
Gurvin believes the activities he is involved in do not require oversight by the FCA. But he is nevertheless trying to get in touch with the authority to check.
Singh said: “I’m not authorised. But I deny participation in regulated activities, therefore there is no need to be regulated.
“I have tried to contact the FCA to get this warning removed but it is difficult because it is January 1.”
Mr Singh, who has made thousands of pounds trading on the Forex market and running training courses on how to trade, admitted he referred some people to a Forex brokerage based in the Bahamas.
But he said that was as far as his involvement went and said he is not responsible for their decision to hand over cash to that brokerage so it can be invested.
It is understood investors lost a packet when the pound sterling surged following the UK General Election and then dipped again.
Mr Singh said: “Investors signed a limited power of attorney with (the broker) which is regulated in the Bahamas. (The broker) carried out the trading on the clients behalf.”
Mr Singh said he is no longer steering people towards using that broker and has not been advertising its services on his social media platforms for several months.
He said he will continue to trade in Forex and offer training courses in 2020, but will speak to the FCA.
He said: “I do not feel I have done anything wrong and everything will be carrying on in the new year. I will be talking to the FCA about what I can and can’t do.
Mr Singh says he made £110,000 in a month during 2019, but stressed that about 70% of his earning come from training courses he runs, with new departures into Airbnb and dropshipping. He published an e-book on the latter in November.
The FCA warns: “Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by us.