FCA Warns Against Clone of Blackrock Asset Management UK Ltd

The Financial Conduct Authority (FCA), the UK financial regulator, has issued a warning regarding an Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term company allegedly trying to impersonate Blackrock Asset Management UK Limited. The original company is authorized to operate in the UK, which may suggest why it was targeted by a 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.

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As the FCA usually comments in this type of regulatory notice, some scam companies might try to fool traders into thinking that a regulated and licensed company has approached them. They use similar names, office addresses, email addresses, and more. In this instance, the copycat company has opted for an almost identical name, having dropped only the words ‘UK Limited’ from the original company’s brand. In addition, the website address is also almost indistinguishable, ending with .ga instead of .com.

The FCA has further alerted clients to the fact that clone companies may give false or a mixture of correct and incorrect information in order to confuse the individuals that they approach over the phone or via email.

The warning notice by the British financial watchdog stated that local traders should not work with unauthorized firms, and to be alert if any unsolicited phone call or emails reach them.

In April, Finance Magnates reported that Blackrock UK Limited and IG Group announced a collaboration in order to create the IG Smart Portfolios, where retail traders can trade without actively doing so themselves.

In May, Finance Magnates covered the FCA’s warning regarding a clone company falsely identifying itself as JW Global.