The Financial Conduct Authority (FCA) has flagged Finalto Pro, an alleged clone firm claiming affiliation with the FCA-regulated entity, Finalto Financial Services Limited. The firm is utilizing deceitful tactics to convince unsuspecting individuals of its authenticity.
The FCA has issued a warning, shedding light on the deceptive practices of Finalto Pro and urging caution among financial consumers. Finalto is mimicking the details of Finalto Financial Services Limited. The fraudsters operating Finalto Pro use the same name, email (support@finalto.pro), and website (https://finalto.pro/) to ensnare unsuspecting users.
The regulator has warned individuals who engage with the firm that they will not be protected by the Financial Ombudsman Service or the Financial Services Compensation Scheme.
FCA Discloses Identity of Authorized Firm
The authentic company, Finalto Financial Services Limited, possesses the FCA's stamp of approval with the reference number 481853. Its registered address is on the 11th Floor, Broadgate Tower, 20 Primrose Street, London. The contact details of the company are +442034558751, compliance@finalto.com, and can be verified on its official website, https://liquidity.finalto.com/uk/.
Users have been advised by the FCA to engage exclusively with authorized financial firms to protect themselves against such deceptive practices. The Financial Services Register offers tools for verifying the authorization and permissions given to companies, the regulator added.
Meanwhile, the Cyprus Securities and Exchange Commission (CySEC) has warned about four unauthorized investment services. The regulator has identified four websites, stonexly.com, retailfx.net, ftmartzone.com, and ctcapitaltraders.com, operating without the necessary authorization for the provision of investment services.
CySEC Cautions against Unapproved Firms
CySEC has advised investors to consult its official website, www.cysec .gov.cy, before initiating any transactions with investment firms. By doing so, investors can verify the licensing status of entities, ensuring they are dealing with reputable and authorized service providers.
Recently, the FCA has warned against a clone firm operating under a deceptive website, www.plus500un.com. This imposter falsely claims to be Plus500UK Ltd., an authorized financial services provider. The reference number of the authorized entity is 509909. Its legitimate address is 8 Angel Court, Copthall Avenue, London, EC2R 7HJ, United Kingdom.
