Beware of Sucden Financial Limited Clone Firm, FCA Warns

Sometimes it can feel that the number of suspicious entities in the financial industry is never-ending, particularly in the foreign exchange (forex), binary options and cryptocurrency industries.

Today, the Financial Conduct Authority (FCA) has added yet another firm to its ever-growing warning list, which goes by the name of Sucdens Financial or Sucden Financial.

If that name sounds familiar, that’s because it belongs to Sucden Financial Limited, an FCA-regulated London brokerage that offers to trade in FX, commodities, Equities Equities Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Read this Term and more.

Because of the almost identical name, plus a number of other red flags, the British regulator has labeled Sucdens Financial as a clone firm. That is, a firm that “clones” the details of another company in order to appear legitimate and trick investors.

“This FCA authorized firm [Sucden Financial Limited] that fraudsters are claiming to work for has no association with 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.’ It is authorized to offer, promote or sell services or products in the UK…” the statement from the FCA said.

FCA Remains Vigilant in Calling-Out Clone Firms

Sometimes, as is the case with Sucdens Financial, the clone firm will copy the name, logo or website to create a false perception of affiliation with a legitimate company.

In other instances, the cloning is less noticeable. The fraudsters might only copy an address or, in order to look authentic, copy the financial license number or authorization details of another firm.

The FCA provides the following details for the clone firm Sucdens Financial:

Address: Plantation Place South, 60 Great Tower Street, London, EC3R 5AZ

Telephone: +447481359047; 442080683500

Email: james@sucdensfinancial.com; james@primarybrokers.com

However, the correct details of the legitimate firm, Sucden Financial Limited, are:

Firm Reference Number: 114239

Address: Plantation Place South, 60 Great Tower Street, London, EC3R 5AZ

Telephone: 44 02032075000

Website: www.sucdenfinancial.com

“Be aware that the scammers may give out other false details or mix these with some correct details of the registered firm,” the British watchdog added.