FCA Exposes Clone Firm ‘JP Morgan Courtage’ for Using Authorised Firm Details

The Financial Conduct Authority (FCA) Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term), the United Kingdom’s financial regulatory body, today unmasked yet another fraudulent entity, this time bringing to light the 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 JP Morgan Courtage.

Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by the FCA.

The address details of the suspicious clone firm are: 14 Place Vendome, Paris, 7500, France, which is itself a clone of the authorised firm address. The fraudulent entity uses the following email addresses: accounts.jpmorgan@europe.com, funds.jpmcourtage@europe.com. The FCA urged investors to be aware that the scammers may give out other false details or mix these with some correct details of the registered firm.

JP Morgan Courtage (the fraudulent edition of course) is a ‘cloned firm’ - a common type of fraud in which a firm usurps the identity of an existing authorized entity in order to give the appearance of trustworthiness and legitimacy in order to convince investors of its legitimacy.

In this case, the cloned firm appropriated the reference number 589007, which belongs to an established EEA-registered entity operates under the same name in France.

The watchdog stated in its official statement that it strongly advises investors to only deal with financial firms that are authorised, and check the Financial Services Register to ensure they are. It also noted that you should be aware that if you give money to an unauthorised firm, you will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.