The Financial Conduct Authority has issued a warning against an unauthorized company offering financial services under a name that is a clone of a legitimate, authorized firm.
Joel Isaac Malach t/a 1st Loan is the name of the legitimate company, headquartered in Manchester, while the clone called itself 1st-Loan and has not provided a headquarters address.
The only details about the clone company include an email address – firstname.lastname@example.org, and two telephone numbers. 0151 528 9267 and. 0330 977 0401.
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The legitimate 1st Loan is headquartered at Warwick House, 14 Lowes Road, Bury, Manchester BL9 6PJ UK, with email address email@example.com, and phone number 0161 763 4783, operating a website at www.1st-loan.co.uk.
The FCA noted in its warning that although not all financial service providers in the UK market need to be authorized, most of them are, however this is not the case with 1st-Loan. It went on to remind market participants that fraudulent entities often mix false with legitimate information in order to gain the trust of their victims.
Yesterday, the authority issued another warning, this time against a clone of Standard Chartered that uses the same name to defraud investors.