FCA Exposes Clone of Interactive Brokers


The FCA has issued a warning on its website saying scammers are using the details of a company it authorizes, Interactive Brokers, in a bid to defraud victims, labeling it a clone firm.

July 30, 2021, | AtoZ Markets – The United Kingdom’s financial markets watchdog, the Financial Conduct Authority (FCA), on Friday unmasked another fraudulent entity, this time bringing to light the clone firm Interactive Brokers which was added to its warning list of unregulated entities, according to an FCA statement.

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.

Details of Interactive Brokers clone

The watchdog states in its announcement that the suspicious company operates with the following details:

Interactive Brokers (clone of an FCA Authorised Firm)

Telephone: +31202326341, +31203082694, +31202623601

Email: victoria.r@interactivebrokers.ltd,

victoria.r@interactivebrokers.limited,

james.a@interactivebrokers.legal,

emma.l@interactivebrokers.legal

However, the regulator has provided the following as the details of the authorized firm:

Firm Name: Interactive Brokers (UK) Ltd

Firm Reference Number: 208159

Address: Heron Tower

Level 20

110 Bishopsgate

London, EC2N 4AY, UNITED KINGDOM

Telephone: (44) 02077105630

Email: complianceuk@interactivebrokers.com

Website: www.interactivebrokers.co.uk

Why you need to be cautious

Clone firms are a big problem in the forex and cryptocurrency sectors. As AtoZMarkets has reported, Plus500 and Credit Suisse Securities, among others, have all been targeted by clone firms.

Besides clarifying that the firm in question lacks the proper authorization to be targeting British customers, the FCA also said in its official statement that it strongly advises investors to only deal with financial firms that are authorized, and check the Financial Services Register to ensure they are.

The UK watchdog further added: “You should be aware that if you give money to an unauthorized firm, you will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.”

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