The UK’s Financial Conduct Authority (FCA) has issued a statement today revealing the latest scam facing investors. Its latest warning concerns IBL Markets, a clone of an established FCA-registered entity.
Interactive Brokers vs IBL Markets
Interactive Brokers is an FCA-registered financial services provider based at Heron Tower, 110 Bishopsgate, London, UK. The firm which operates online via the website www.interactivebrokers.co.uk is one of the industry’s leading brokerages, providing a range of trading solutions for investors and institutions across the globe.
By contrast, the brokerage’s clone, IBL Markets, is a binary options brokerage which, according to its website, is based at 10 Carey Lane, London, UK and operates via the website www.ibl-markets.com.
The FX Global Code – Is Self-Regulation the Future of the Industry?Go to article >>
For its part, Interactive Brokers maintains no relation or affiliation with the clone group. The FCA has also confirmed that this authorised firm that fraudsters are claiming to work for has no association with the clone firm IBL Markets.
FCA Warns Against Dealing with Clone
The FCA has warned investors and market participants against dealing with IBL Markets since the clone is not under the jurisdiction of any regulatory body.
This is one of many instances of a clone attempting to scam individuals through the deployment of illicit tactics and ambiguous details. Finance Magnates recently reported on a further case in which Morgan Stanley & Co Ltd, a clone of an FCA-regulated firm, attempted to con investors in the UK.
In its statement, the FCA reminds investors that clones employ the tactic of adopting a legitimate company’s name when they cold call potential victims, and urges caution in the event they are contacted by anyone claiming to work for the firm in question.
The watchdog also advises investors to only deal with financial firms that are authorised by checking the Financial Services Register.