The United Kingdom’s financial markets watchdog, the Financial Conduct Authority (FCA), today exposed another fraudulent entity, this time bringing to light a clone that has been posing as Admiral Markets, a regulated provider of foreign exchange and contracts-for-difference (CFDs).
Although not blatantly claiming to be regulated, it is clear from the URL name of the clone firm’s website, www.admiralmarketsltd.com, that it is indeed attempting to mislead investors into thinking that it is offering a legal product by using the details of an authorised firm operating under the name Admiral Markets (UK) Ltd.
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The original company is a well-established entity that has been serving its clients for several years and is licensed by the UK Financial Conduct Authority (FCA Register No. 595450) to offer a comprehensive set of financial services. Admiral Markets (UK) Ltd is also approved to provide cross border services across the EU / EEA under European passport rights.
Finance Magnates found that the associate website for the clone firm has been suspended. The exact details of this company’s operations are therefore unavailable, however, it is clear from the domain name that its operators were attempting to deceive investors into believing that it was Admiral Markets.
This latest case is one of many clones that have attempted to scam individuals through the deployment of illicit means and misleading information. The FCA added in its statement that clones employ the tactic of adopting a legitimate company’s name when they cold call potential victims, and thus urges caution in the event that they are contacted by anyone claiming to work for the firm in question.
The watchdog has also advised investors to ensure that they only deal with financial firms that are authorised by checking the Financial Services Register.