FCA exposes ADV Investment Bank clone


It is very easy to confuse a real firm with its identical clone as the latter usually usurps the same physical address and registration number. The FCA revealed another fraudulent entity who has been acting as ADV Investment Bank clone firm. How to avoid getting scammed by a clone?

26 August, AtoZForex The Financial Conduct Authority (FCA), financial regulator in the United Kingdom, revealed another fraudulent firm today bringing a clone of ADV Investment Bank into the spotlight.

FCA exposes ADV Investment Bank clone: details

By the regulations, almost all firms or individuals who offer or promote their financial services or products in the United Kingdom are obliged to obtain the license from the FCA. ADVinvests represents a common type of fraud known as “clone firm”. Clone firms usually usurp the identity of the real existing and authorized entity. This is done to create the impression of legitimacy, trustworthiness and convince potential traders that the firm is reliable.

xm.com
95/100
xm.com Review
Visit Site
eToro
90/100
eToro Review
Visit Site
XTB
80/100
XTB Review
Visit Site

According to the statement of the British watchdog, the suspicious clone company is using on its website the address of another FCA registered firm which is located at Courtyard Mews, Piccadilly House, London Road, Bath, Avon, BA1 6PL. The clone company’s website is www.advinvests.com. Moreover, the clone firm also usurped the reference number 195786 which actually belongs to the firm Advance Investments Limited.

See also: FCA warning against unregulated Trade-24

Non-realistic claims

The website of the clone firm attempts to mislead the clients that it is offering a high-quality and legal products while also claiming that it is regulated by the FCA. However, the fraudsters seem to be not professional enough as they made some non-realistic claims. For example, the firm wrote that their brand is licensed by the London Stock Exchange group and miswrote the abbreviation of the watchdog as FSA on the Arabic version of the website. Also, the real firm offers advisory services, while the clone firm was operating as a Forex broker.

In its official statement, the watchdog strongly advises potential investors to deal only with those entities who are listed in the Financial Services Register. If investors give their money to an unauthorized firm, they will not be covered by the Financial Services Compensation Scheme (FSCS) or the Financial Ombudsman Service if things go wrong.

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

Leave a Reply

Your email address will not be published. Required fields are marked *