FCA Remains Vigilant, Warns Against Clone Firm Goldmans Banc

It might only be Monday, but already the Financial Conduct Authority (FCA) has released a suite of warnings against suspected financial scams, including a clone firm of a financial advisory company.

In particular, the British regulator has warned against Goldmans Banc, which it states is a clone of an FCA registered company - GMB Portfolio Services Limited, which provides financial advisory services.

"Almost all firms and individuals carrying out financial services activities in the UK have to be authorised or registered by us. This firm is not authorised or registered by us but has been targeting people in the UK, claiming to be an authorised firm," the regulator warned in its statement today.

"This is what we call a 'clone firm'; and fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called. They may use the name of the genuine firm, the 'firm reference number' (FRN) we have given the authorised firm or other details."

Goldmans Banc claims to be an online trading provider on its website, www.goldmans.io. The entity offers numerous assets to trade, including foreign exchange (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term), Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, commodities, indices, and more.

On its website, the entity states: "Goldman Banс was founded by Swiss financial experts. Our financial company is a leading global brand that provides services for working in the financial market."

"The constant growth and development of products entitles Goldmans Banc to be considered the leading global forex broker. A demo account is available to the company's customers so that they can evaluate the services provided."

FCA provides details on clone firm

In its warning, the UK watchdog provides the following information as belonging to the scam:

Name: Goldmans Banc (clone of FCA authorized firm)

Address: Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines

Email: support@goldmans.io, info@goldmans.io

Website: www.goldmans.io

In comparison, the FCA also outlines the details of the legitimate firm, in which Goldmans Banc has cloned details of:

Firm Name: GMB Portfolio Services Limited

Firm Reference Number: 738159

Address: Unit 14, Grampian Court, Beveridge Square, Livingston, West Lothian, EH54 6QF

Telephone: 0131 271 5904

Email: brian@gmbps.co.uk

Website: www.gmbportfolio.co.uk

"Be aware that scammers may give out other false details or change their contact details over time to new email addresses, telephone numbers or physical addresses," the FCA cautioned.