FCA Warns Against Five Unauthorized Firms in UK


The Financial Conduct Authority (FCA) has issued warnings against five unauthorized firms in UK, out of them two being the clone firms. What are the names of the entities?

21 August, AtoZ MarketsThe financial regulator of the UK markets, the Financial Conduct Authority (FCA) has issued a number of warnings on its website. The warning notes feature the names of five unauthorized entities. Two of the firms are stated to be clone firms – Orbit Investment Services and Loan Skipper. The remaining three firms are Olimp Finance, Ostrich Capital, and Brokerz Union.

FCA Warns Against Five Unauthorized Firms in UK

The warning against Orbit Investment Services notes that it is a clone of FCA authorized firm Orbit Investment Securities Services Plc. The regulator states that clone firms are usually taking similar if not identical names of genuine firms in order to mislead investors into thinking that they are a legit company. 

The fraudsters opt to cold call people; therefore, the UK regulator urges the public to be cautious in case they receive cold calls from representatives that claim to be related to Orbit Investment Securities Services Plc.

The authorized firm Orbit Investment provides brokerage and trading services. The clone firm offers escrow services, while it is also claiming to operate from the following address: 33 St James’s Square, St James’s, London, SW1Y 4JS. The clone firm also states that it is registered at the same address as the real firm: 5th Floor, Congress House, 14 Lyon Road, Harrow, Middx, HA1 2EN. 

The UK regulator reminds investors that clone firms might still use the same details as the genuine firms. 

Olimp Finance, Ostrich Capital, and Brokerz Union

Another company that made it to the FCA warning list is Loan Skipper. The company tried to associate itself with Season Marketing. Yet, the regulator has noted that these two firms have no connection and Loan Skipper does not have any authorization to provide any financial services within the UK.

The UK regulator has also issued warnings against Olimp Finance, which is owned by Cassius Services Limited, Ostrich Capital, and Brokerz Union. As per the warnings, all firms do not have a valid authorization to provide financial services or products in the UK. 

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