The United Kingdom’s financial markets watchdog, the Financial Conduct Authority (FCA), today warned that it believes that a company going by the name ‘The Finance Solutions’ has been providing financial services or products to UK residents without regulatory permission, according to an FCA statement.
The FCA also today unmasked another clone entity, Ambrosia Capital, which was added to its warning list of unregulated entities.
Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by the FCA.
The address details of the first fraudulent company are: 9 Park Square East, Leeds, LS1 2LH, and it can be found at the web address www.thefinancesolutions.co.uk.
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As of the time of publication, The Finance Solutions has taken down all website pages and the aforementioned link only leads to the member login page. It’s not clear if the site was taken down as a result of the warning or leading up to it.
The UK watchdog also added to its list Ambrosia Capital, which does business through its website www.ambrosia-capital.com.
This broker is a clone firm, a common type of fraud in which a company usurps the identity of an existing authorized entity in order to give the appearance of trustworthiness or legitimacy, thereby convincing investors of its legitimacy.
A visit to the Ambrosia Capital website reveals its attempt to mislead investors. It claims to offer a legal product and to be governed by the FCA. On this website, the clone firm is using the authorised firm’s FRN and previous registered address
The original company, Ambrosia Capital Ltd, is a well-established entity that has been serving its clients for several years and it has a presence in Berkeley Square House, Berkeley Square, W1J 6BD, London.
Based on this, the watchdog stated in its official statement that it strongly advises investors to only deal with financial firms that are authorised, and check the Financial Services Register to ensure that they are. The UK watchdog further stated: “You should be aware that if you give money to an unauthorised firm, you will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.”