The UK 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 flagged down ‘FX Plus500’, 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 UK-based FX/CFDs broker Plus500, warning that “the firm is not authorized by us but has been pretending to be an authorized firm.” The clone firm operates the website ‘www.fxplus500.co.uk/', the FCA said.

The British financial industry watchdog issued the warning on Friday, noting that all firms and individuals require its permission before offering financial services in the country.

“Fraudsters copy the details of firms we authorize to try and convince people that their firm is genuine,” the FCA pointed out, further warning that: “scammers may give out other false details, including email addresses, telephone numbers, postal addresses and Firm Reference Numbers.”

CONSOB Blacks Out Four Websites

Meanwhile, the Italian Companies and Exchange Commission (CONSOB), Italy’s financial regulatory authority, disclosed on Friday that it has ordered the blockage of four websites offering financial services and products in the country illegally.

The websites are ‘XTB Empire’ (https://xtbempire.com and related page https://client.xtbempire.com), ‘VirtuFinace’ (www.virtufinancial.eu and related page https://webtrader.virtufinancial.eu), Activ4X (https://www.activ4x.com and related pages https://client.activ4x.com and https://trade.activ4x.com) and Goldy Deal (www.goldydeal.com).

CONSOB noted that the platforms comprise "three illegal financial intermediation websites and one website through which an offer of financial products is carried out in the absence of a prospectus.” The latest action ramps up websites blacked out by CONSOB since July 2019 when it was empowered to do so reach 890.

“Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published,” CONSOB explained.

Meanwhile, in late April, Spain's financial watchdog warned against six illegal trading platforms including clones ‘Pepper Stone Ltd’ and ‘PRIMUS FX’. Furthermore, in the same month, CONSOB blocked the websites of Aquilafx, EuroCryptoFX, MTinvesting and two other illegal platforms.