FCA Alerts Public to be Wary of AXA Global Broker Clone

The FCA has warned that fraudsters are using the details of the firm they authorize to try to convince people in the UK that they work for a genuine, authorized firm.

June 10 2020 | AtoZ Markets – It might only be Tuesday, but already the Financial Conduct Authority (FCA) has released a warning against a clone firm of a financial advisory company.

FCA remains vigilant, warns against AXA Global Broker Clone

In particular, the British regulator has warned against AXA Global Broker, which it states is a clone of an FCA registered company – EEA authorized firm, which provides financial advisory services.

“Almost all firms and individuals carrying out financial services activities in the UK have to be authorised 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 regulator warned in its statement today.

“This is what we call a ‘clone firm‘; and fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called. They may use the name of the genuine firm, the ‘firm reference number’ (FRN) we have given the authorised firm or other details.”

AXA Global Broker claims to be a globally recognized portfolio manager on its website, www.axagb.com. On its website, the entity states: “AXA Global Broker (AXA GB) is a publicly-held, multinational financial services firm providing a full range of private and institutional investment services and products.”

We provide comprehensive cover of all the main global markets. We help clients find ways to turn investments into actionable insights by embedding economics across a proven strategy and approach for every client.”

Related: FCA Flags Another Clone Firm OptionFX

FCA provides details on AXA Global Broker (clone of EEA authorized firm)

In its warning, the UK watchdog provides the following information as belonging to the scam:

Address: 31 Lombard Street, London, EC3V 9BQ

Telephone: 0203 883 7022

Website: www.axagb.com; www.axagb.co.uk

Be aware that scammers may give out other false details or mix these with some correct details of the registered firm. They may change contact details over time to new email addresses, telephone numbers or physical addresses.

In comparison, the FCA also outlines the details of the legitimate firm, in which AXA Global Broker has cloned details of:

Firm Name: AXA Global Broker

Firm Reference Number: 782058

Address: 61 Rue Mstislav Rostropovitch, 75017 Paris 17e Arrondissement, CEDEX, France

“Be aware that scammers may give out other false details or change their contact details over time to new email addresses, telephone numbers, or physical addresses,” the FCA cautioned.

Think we missed something? Let us know in the comment section below.

Share Your Opinion, Write a Comment