October 23, 2020 | AtoZ Markets – The Financial Conduct Authority (FCA) has published a statement on its website, warning against Fidelity International/Fidelity plc, which it believes is a clone firm.
As the name suggests, clone firms are fraudulent entities that copy details of a legitimate firm. They copy their name, website, address, registration details, etc. Moreover, some even go to the lengths of completely copying a firm – from their website, to brand, in order to trick investors into thinking that they are the actual legitimate firm.
Clone firms are a big problem in the foreign exchange (forex) and cryptocurrency sectors. As AtoZMarkets reported, OctaFX, FXCM UK, and AGM Invest, among others, have all been targeted by clone firms.
Fidelity International/Fidelity plc is a clone firm
The warning from the FCA this Friday against Fidelity International/Fidelity plc states that this entity is a clone firm of FIL Investment Services (UK) Limited. Established in 1986, the Company offers wealth management, funds, trusts, pension plans, retirement solutions, investment strategies, and financial planning services. FIL Investment Services also serves customers worldwide.
In the warning, however, the UK regulator states: “This FCA authorised firm that fraudsters are claiming to work for has no association with the ‘clone firm.’”
However, the regulator has provided the following as the details of the authorized firm:
Name: FIL (UK) Limited
UK company number: 01491313
Address: 4 Cannon Street, London, United Kingdom, EC4M 5AB
FCA warns about Liverpool Victoria Financial Services
The FCA has unmasked yet another fraudulent entity operating on the UK market. This time, the watchdog has exposed a clone firm that has been misrepresenting itself as Liverpool Victoria Financial Services.
Fraudsters are using or giving out the following details as part of their tactics to scam people in the UK:
Liverpool Victoria Financial Services (Clone of FCA authorised firm)
However, this FCA authorised firm that fraudsters are claiming to work for has no association with the ‘clone firm’. It is authorised to offer, promote or sell services or products in the UK and its correct details are:
Firm Name: Liverpool Victoria Financial Services Limited
Firm Reference Number: 110035
Address: County Gates, Bournemouth, Dorset BH1 2NF
Telephone: +44 1202292333
Clone firms in the UK
The FCA notes that clone firms are not a rare case in the financial industry, as the number of fraudulent firms has continued to rise. One of the most common practices for scammers is to promote an illegal operation as a trustworthy brand.
The UK regulatory body has urged investors and traders to exercise caution. The FCA has also added that it is not recommended to deal with the above-mentioned company. Anyone who opts to sign up with the clone should consider that they will not be protected by the FCA. They won’t also receive the financial assistance if things go wrong.
Think we missed something? Let us know in the comment section below.