FCA Warns Against Clone Firm Generali Brokers, Unauthorized Firm

The Financial Conduct Authority (FCA) on Tuesday added three financial firms to its warning list. The regulator flagged a Clone Clone A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for Read this Term firm of a European Economic Area (EEA) registered firm and one unauthorized financial firm.

In a statement, the British watchdog has warned UK investors against the connected firms Generali Brokers, Generali France, and Assicurazioni Generali S.p.A. According to the statement, the above entities are a clone firm of an EEA registered firm.

Clone firms aim to trick consumers by adopting similar names and details of a legitimate financial firm and claim to either be the legitimate company or be affiliated with them. Their most common tactic is cold calling.

In this instance, the clone firm is impersonating Assicurazioni Generali SpA and Generali France. The scam firm operates through www.generalibrokers.com and has copied the address of the legitimate firm Generali France, which is 76 rue Saint Lazore, Paris Cedex 09 75456, FRANCE.

The UK regulator warns consumers to be careful when interacting with the above broker. Investors should be particularly wary should the broker contact them via a cold call.

FCA Flags Radcliffe and Young

In addition to the clone firm, the FCA has also flagged Radcliffe and Young Asset Management which also goes by the name Radcliffe and Young. As the name suggests, Radcliffe and Young is an Asset Management firm which operates through its website www.radcliffeandyoung.com. The firm has two addresses - one in Switzerland and one in Dubai.

According to the warning on the regulator’s website, the asset management firm is not authorized in the United Kingdom. Therefore, it can’t provide any financial services or products to residents. The watchdog urges caution when dealing with the company.