The Financial Conduct Authority (FCA) recently issued another wave of warnings against dozens of unregulated companies or clones of legitimate businesses, whose main goal is to defraud investors.
The FCA has categorized clones as firms that impersonate the name or design of any authorized firm. The aim is to look like a legit company in order to attract investor deposits.
The list issued by the UK overseer included clones of Sweet Loanz (Trusted Finance Ltd), Forextime UK Limited, Carmignac Gestion Luxembourg S.A, DBS Bank, Scotiabank, Nomura Bank, and more, all clones of FCA licensed firms, or EEA approved companies.
Furthermore, the FCA has flagged several companies that are downright unlicensed and scams. They approach UK investors illegally. Some of these firms include ValueFX, The Wealth Core, Migotrade, Clear Save, British Bonds Company, Easy Money Loan, 24Cash Lender, FUNDIZA, Finance Ever, Online MarketShare, AU-F/AUF Limited, and more.
The official warning of the FCA is that all investors should stay away from all these firms; always check the FCA database for the legitimacy of these and other companies.
Also, the watchdog reminds UK customers that financial services need to be licensed, or, at least, need to hold the right passporting rights if they hold a regulation in the EEA.