Last week, the FCA revealed that a total of 54 entities were issued warnings.
If approached by an unauthorized or clone firm, individuals are urged to reach out to the FCA.
The
Financial Conduct Authority (FCA), the regulatory body for financial services
in the UK, has issued a warning to the public about an unauthorized "clone
firm" that is posing as an authorized financial services provider, IG Markets Limited, a UK-listed broker.
Genuine
vs. Imposter: FCA's Warning about Clone Firm
The
clone firm, operating under the name "ICT Market 24" and using the
website "ictmarket24.com", falsely claims to be an FCA authorized
firm. The FCA has identified this fraudulent entity as a potential threat to
consumers who may unknowingly deal with them.
The FCA has discovered that fraudsters may also
provide other fictitious details, such as email addresses, telephone numbers,
postal addresses, and Firm Reference Numbers, to create a false sense of
legitimacy.
These
deceptive tactics may be mixed with genuine details of authorized financial
firms, making it more challenging for individuals to distinguish between
legitimate and fraudulent entities.
One
of the key concerns raised by the FCA is that individuals who deal with
unauthorized or clone firms may not have access to important safeguards. If a
problem arises in their dealings with these cloned firms, they won't have recourse to
the Financial Ombudsman Service, and they won't be protected by the Financial
Services Compensation Scheme. This lack of protection means that
individuals are at risk of losing their money if the firm they are dealing with
goes out of business.
To
ensure the legitimacy of any financial service provider, individuals are
encouraged to check the Financial Services Register maintained by the FCA. This
register provides information about authorized firms, details on the protection
consumers can expect, and contact information for authorized firms.
If
individuals are contacted unexpectedly by a financial business or individual,
they are urged to verify the legitimacy of the communication using the contact
details found on the FCA's Financial Services Register.
This
warning from the FCA serves as a reminder of the vigilance necessary when
dealing with financial service providers and underscores the importance of
verifying the authorization and legitimacy of firms operating in the financial
industry.
Finalto
Pro vs. Finalto Financial Services Limited: Distinguishing Fact from Fraud
A
tweet from the FCA revealed that a total of 54 entities were warned as
unauthorized or clone firms last week. Finance Magnates reported
that the
FCA had raised concerns about Finalto Pro, a suspected clone firm falsely
claiming an association with FCA-regulated Finalto Financial Services Limited.
Finalto Pro employs deceptive tactics, including using the same name, email and website as the legitimate entity.
The
FCA has warned consumers that engaging with Finalto Pro leaves them without
protection from the Financial Ombudsman Service and the Financial Services
Compensation Scheme.
The
Financial Conduct Authority (FCA), the regulatory body for financial services
in the UK, has issued a warning to the public about an unauthorized "clone
firm" that is posing as an authorized financial services provider, IG Markets Limited, a UK-listed broker.
Genuine
vs. Imposter: FCA's Warning about Clone Firm
The
clone firm, operating under the name "ICT Market 24" and using the
website "ictmarket24.com", falsely claims to be an FCA authorized
firm. The FCA has identified this fraudulent entity as a potential threat to
consumers who may unknowingly deal with them.
The FCA has discovered that fraudsters may also
provide other fictitious details, such as email addresses, telephone numbers,
postal addresses, and Firm Reference Numbers, to create a false sense of
legitimacy.
These
deceptive tactics may be mixed with genuine details of authorized financial
firms, making it more challenging for individuals to distinguish between
legitimate and fraudulent entities.
One
of the key concerns raised by the FCA is that individuals who deal with
unauthorized or clone firms may not have access to important safeguards. If a
problem arises in their dealings with these cloned firms, they won't have recourse to
the Financial Ombudsman Service, and they won't be protected by the Financial
Services Compensation Scheme. This lack of protection means that
individuals are at risk of losing their money if the firm they are dealing with
goes out of business.
To
ensure the legitimacy of any financial service provider, individuals are
encouraged to check the Financial Services Register maintained by the FCA. This
register provides information about authorized firms, details on the protection
consumers can expect, and contact information for authorized firms.
If
individuals are contacted unexpectedly by a financial business or individual,
they are urged to verify the legitimacy of the communication using the contact
details found on the FCA's Financial Services Register.
This
warning from the FCA serves as a reminder of the vigilance necessary when
dealing with financial service providers and underscores the importance of
verifying the authorization and legitimacy of firms operating in the financial
industry.
Finalto
Pro vs. Finalto Financial Services Limited: Distinguishing Fact from Fraud
A
tweet from the FCA revealed that a total of 54 entities were warned as
unauthorized or clone firms last week. Finance Magnates reported
that the
FCA had raised concerns about Finalto Pro, a suspected clone firm falsely
claiming an association with FCA-regulated Finalto Financial Services Limited.
Finalto Pro employs deceptive tactics, including using the same name, email and website as the legitimate entity.
The
FCA has warned consumers that engaging with Finalto Pro leaves them without
protection from the Financial Ombudsman Service and the Financial Services
Compensation Scheme.
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24
Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24
🌟 Explore cutting-edge solutions and connect with fintech leaders at FMLS:24!
🌟 Explore cutting-edge solutions and connect with fintech leaders at FMLS:24!
🤝 Meet industry leaders at the premier event for brokers – FMLS:24. Secure your spot today!
🤝 Meet industry leaders at the premier event for brokers – FMLS:24. Secure your spot today!