FCA Remains Vigilant; Flags Dozens of Clones, Shady Firms

The regulator is actively blacklisting companies.to protect investors.

The United Kingdom’s Financial Conduct Authority (FCA) has issued warnings against more than two dozen companies this week that are operating in the country without any licenses or are clones of legitimate platforms, simply trying to fraud investors.

The regulator categorizes companies as clones if they impersonate the name of an authorized firm or even copy the platform’s design to market people as a look alike. These fraudulent platforms are dangerous as they are outright frauds.

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The long list includes clones of Forextime UK Limited, Sweet Loanz (Trusted Finance Ltd), Carmignac Gestion Luxembourg S.A., and a few more. These companies are either licensed with the FCA or are regulated under the EEA laws.

The fraudsters have even launched copycats of DBS Bank, Scotiabank, and Nomura Bank.

Approaching Investors without Any License

Additionally, the British watchdog flagged several companies that are approaching UK investors without being authorized by the regulators. 

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Any company offering financial services in the country need to be licensed under the FCA or can use the passporting rights if they are regulated in the EEA. However, the UK regulator keeps a keen eye on any of these companies because of the nature of their business.

Some of the recently flagged platforms are ValueFX, The Wealth Core, Migotrade, Clear Save, British Bonds Company, Easy Money Loan, 24Cash Lender, FUNDIZA, Finance Ever, Online MarketShare, AU-F/AUF Limited, and a few more.

The regulator warned the investors against all these firms and asked not to fall for any of their offerings as they are possible frauds.

“Almost all firms and individuals offering, promoting, or selling financial services or products in the UK have to be authorized by us,” the regulator noted in the warnings. “However, some firms act without our authorization, and some knowingly run investment scams.”

Meanwhile, other European regulators are maintaining lists of fraudulent companies and some are even blocking their access in the country by approaching the internet service providers.

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