The Financial Conduct Authority (FCA) has posted a series of warnings on its website which blacklists five unauthorized firms, including two clone firms – Orbit Investment Services and Loan Skipper. The other three flagged companies are Olimp Finance, Ostrich Capital, and Brokerz Union.
The first warning is against Orbit Investment Services, which is a clone of an FCA authorized firm Orbit Investment Securities Services Plc. Clone firms often take similar, if not identical names of authorized companies to trick consumers into thinking they are the legit company. These scammers prefer to cold-call people, so the British regulator urges the public to be wary should they be cold-called by representatives claiming to be affiliated with Orbit Investment Securities Services Plc.
The legitimate Orbit Investment offers brokerage and trading services. The fake firm, on the other hand, offers escrow services. The clone company claims to operate from 33 St James’s Square, St James’s, London, SW1Y 4JS. It also suggests it is registered at the same address as the real firm, which is 5th Floor, Congress House, 14 Lyon Road, Harrow, Middx, HA1 2EN. The UK watchdog reminds investors that clone firms may still use the same details, such as FCA authorization details and addresses displayed on their page.
How to Prepare for CySEC’s New Tiered LeverageGo to article >>
Loan Skipper has also been flagged by the FCA as a clone firm, pretending to be associated with Season Marketing. However, the regulator has stated that the two firms have no connection and Loan Skipper is not authorized to provide any financial services within the UK to residents.
FCA Flags Three Unauthorized Firms
The British regulator has also posted warnings on its website against Olimp Finance which is owned by Cassius Services Limited, Ostrich Capital, and Brokerz Union. According to the warnings, all firms are not authorized to provide financial services or products in the UK and are doing so illegally.
As a result, consumers should be wary of the firms mentioned above, as they could be operating a scam. For more information on the warnings, you can check the FCA’s website.