The United Kingdom’s Financial Conduct Authority (FCA) ) issued warnings against three companies that are acting as Clone firms, posing as licensed businesses. According to the advisory, ICM Capetal, www.longleafmanagement.co.uk, and IntertradesFX are claiming to be fully authorized by the FCA to run operations within the country.
A clone firm is a tactic used by fraudsters to contact people on behalf of legit companies to collect funds or pursue illicit businesses. For example, ICM Capetal is impersonating the FCA-licensed company ICM Capital Limited, while www.longleafmanagement.co.uk is posing as Longleaf Management Company (Ireland) Limited, a registered firm under the reference number 516526, the watchdog said. In the case of IntertradesFX, the FCA noted that it is a clone firm of an authorized EEA company, InterTrader Limited.
“Almost all firms and individuals carrying out financial services activities in the UK have to be authorized or registered by us. This firm is not authorized or registered by us but has been targeting people in the UK, claiming to be an authorized firm,” the British watchdog warned.
Recent FCA Warnings
Moreover, the FCA states that fraudsters claiming to work for these companies have no association with the licensed ones whatsoever. The authority added: “If you use an authorized firm, access to the Financial Ombudsman Service and FSCS protection will depend on the investment you are making and the service the firm is providing. If you would like further information about protection, the authorized firm should be able to help.”
Recently, Finance Magnates reported that UBS Capital Wealth and ICO Crypto are also on the regulator’s watchlist, as fraudsters are using UBS AG and Swiss Re Capital Markets Limited details, respectively, to convince people that they are a legit company. In the case of UBS Capital Wealth, the UK FCA says fraudsters are using www.ubscapitalwealth.com and www.myubscanada.cc domains to impersonate UBS AG.
