FCA Warns on Clone Firm Pretending to be Interactive Brokers

The UK’s Financial Conduct Authority (FCA) Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term) has issued a statement today revealing the latest scam facing investors. Its latest warning concerns IBL Markets, 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 of an established FCA-registered entity.

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Interactive Brokers vs IBL Markets

Interactive Brokers is an FCA-registered financial services provider based at Heron Tower, 110 Bishopsgate, London, UK. The firm which operates online via the website www.interactivebrokers.co.uk is one of the industry’s leading brokerages, providing a range of trading solutions for investors and institutions across the globe.

By contrast, the brokerage’s clone, IBL Markets, is a binary options brokerage which, according to its website, is based at 10 Carey Lane, London, UK and operates via the website www.ibl-markets.com.

For its part, Interactive Brokers maintains no relation or affiliation with the clone group. The FCA has also confirmed that this authorised firm that fraudsters are claiming to work for has no association with the clone firm IBL Markets.

FCA Warns Against Dealing with Clone

The FCA has warned investors and market participants against dealing with IBL Markets since the clone is not under the jurisdiction of any regulatory body.

This is one of many instances of a clone attempting to scam individuals through the deployment of illicit tactics and ambiguous details. Finance Magnates recently reported on a further case in which Morgan Stanley & Co Ltd, a clone of an FCA-regulated firm, attempted to con investors in the UK.

In its statement, the FCA reminds investors that clones employ the tactic of adopting a legitimate company’s name when they cold call potential victims, and urges caution in the event they are contacted by anyone claiming to work for the firm in question.

The watchdog also advises investors to only deal with financial firms that are authorised by checking the Financial Services Register.