The Financial Conduct Authority, the UK market regulator, has warned the general public about Adexec Worldwide Financial Services which has been soliciting clients while posing as another firm.
Adexec Worldwide is actually what is known as a ‘clone firm’ as it dupes clients by posing as a firm that has already been authorised by the FCA.
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The staff of Adexec Worldwide (www.adexeconlineloansworldwide.us/) have been posing as that of Paul Bannon/Valley Finance (Belfast) Ltd. (www.valleyfinancehomecredit.com/) and soliciting clients. The latter is a firm authorised by the FCA and is allowed to promote and sell services related to finance within the UK.
The FCA has warned the public not to be misled by such false claims – they can check the FCA website which features an updated list of authorised firms. The public is also advised to immediately report clone firms via email or the reporting form on the FCA website.
Financial regulators worldwide warn the public regularly about scam companies operating in their jurisdictions to ensure that the financial industry remains a healthy and efficient environment.