27 July, AtoZForex, Lagos – The latest clone firm to be discovered by the UK financial regulators is Alpha Capital Ltd. The Financial Conduct Authority, commonly abbreviated as the FCA, has released a statement warning the public about the operations of this clone firm. The regulator found out that this firm has a remarkable resemblance to the FCA authorised firm: Alpha Capital Markets plc.
The financial watchdog emphasised that the clone, Alpha Capital Ltd is NOT authorized under the Financial Services and Markets Act 2000 (“FSMA”) to carry on a regulated activity in the United Kingdom. Regulated activities include, amongst other things, advising on investments and dealing and arranging deals in investments ("investments" include stocks and shares).
Hence, it's evident that a warning has been imposed against the clone firm, as it's missing the proper license for soliciting clients within the FCA's jurisdiction as well as highly resembles an FCA authorised firm. The details of the clone firm are outlined below:
|Boiler Room:||Alpha Capital Ltd|
|Address:||68 Lombard Street, London, EC3V 9LJ|
A few days back, the regulator also uncovered the activities of a Stanley Ball Limited clone. The clone firm uses the exact same name as the genuine UK registered firm. The watchdog therefore stated that: “This clone firm is passing itself off as Stanley Ball Limited. Stanley Ball Limited is not authorized by the FCA but does not carry on any regulated activities. The legitimate Stanley Ball Limited has no association with the clone firm.”
The FCA advices that If you think you have been approached by an unauthorized or clone firm, or contacted about a scam, you should immediately contact the FCA. If you were offered, bought or sold shares, you can also use the shares reporting form on the regulator’s website. Also, If you think your authorized firm has been cloned or scammers are fraudulently using your name or other details, contact our Firm Helpline on 0300 500 0597.
In the case of the Alpha Capital Markets clone, such firms often take advantage of the goodwill of other genuine firms by using their details and information, targeting unsuspecting individuals. The FCA authorized firm, Alpha Capital Markets Plc has no affiliation whatsoever with the clone firm which identifies itself as Alpha Capital Ltd. Therefore, investors are warned to run solid background checks on any firms they intend to do business with. The original FCA authorized firm which is being cloned has the following details:
|Name:||Alpha Capital Markets Plc|
|Firm reference #:||441689|
|Address:||33 St James’s Square, London, SW1Y 4JS|