Scams Continue to Spring Up in UK, FCA Exposes Another Clone

Britain’s financial regulator has continued its ongoing efforts to warn the general public against fraudulent and unauthorized entities. The City watchdog today warned against clone firm City Capital Markets Ltd, which is impersonating an FCA-authorized firm operating under the same brand name.

The clone firm is not authorized by the FCA and has been giving out false details and information in an attempt to lure clients using some correct details of the genuine company.

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The FCA tells consumers that “fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called.”

The clone firm is using the URL www.citycapitalmarketsltd.com, with the following contact information:

Address: 5th Floor, 8 Angel Court, London, EC2R 7HP

Telephone: 01908 965 002, 03333350600

Email: accounts@citycapitalmarketsltd.com, accounts@citycapitalmarkets.com, account@citycapitalmarketsltd.com

A usual occurrence in the industry

On its part, City Capital Markets is in no way affiliated or associated with the clone firm, and is registered with the UK’s Financial Conduct Authority (FCA) under the Reference Number 482324. The original license holder provides several investment services spanning different asset classes, including stocks, FX, CFDs and spread betting. In contrast, the clone maintains no such background or distinction, with its investment services not being under the mantle of any judicial body.

The FCA urges individuals to utilize its official register to ascertain the authorization of any firm before dealing with it. All individuals or firms garnering FCA regulation or authorization appear on the register – a simple check of any firm deemed suspicious is highly advised to avoid falling victim to any scam.

This is hardly the first instance of a clone attempting to scam individuals through the deployment of illicit means and convoluted details. This Friday, the Financial Conduct Authority (FCA) announced yet another firm for United Kingdom residents to watch out for – this time it’s Market Gate Coin.