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FCA warns against Sucden Financial clone firm

Maya Mandz | Mar. 19, 2019
FCA warns against Sucden Financial clone firm

March 19, 2019, | AtoZ Markets - FCA the British financial authority, which is involved in the control and supervision of the financial firms in the UK has recently flagged Sucden Financial clone firm. The financial authority warns investors not to trade with the firm which claims to be working under the FCA permit.

Sucden Financial clone firm’s registration address revealed

Recently, the Financial Conduct Authority (FCA) has added another company to its growing list of alerts, called Sucdens Financial or Sucden Financial. This name sounds familiar not by chance. The fact of the matter is that the London brokerage agency regulated by the FCA carries a similar name. FCA-authorized company Sucden Financial Limited offers to trade in currencies, commodities, stocks and more. The FCA provides the following details for the clone firm Sucdens Financial:

address: Plantation Place South, 60 Great Tower Street, London, EC3R 5AZ

Telephone: +447481359047; 442080683500

Email: james@sucdensfinancial.com; james@primarybrokers.com

However, the correct details of the legitimate firm, Sucden Financial Limited, are:

Firm Reference Number: 114239

Address: Plantation Place South, 60 Great Tower Street, London, EC3R 5AZ

Telephone: 44 02032075000

Website: www.sucdenfinancial.com

FCA adds Sucden Financial clone firm in its warning list

The number of suspicious entities in the financial industry in forex, binary options and cryptos continues to grow. To a greater extent, all this is due to local financial regulators, who regularly provide warnings to investors regarding suspicious films. The crypto scam alert comes after the recent FCA's Crypto investors report, which shows that crypto investors are high-risk takers and want to get rich quick.

How Sucden Financial clone firm lured the investors?

Because of the almost identical name and a number of other features, the British regulator called Sucdens Financial a clone company. This is a company that “clones” the data of another company in order to look legitimate and deceive investors. “This authorized firm FCA, claimed by scammers, has no relation to the“ clone firm ”. It is authorized to offer, promote, or sell services or products in the UK ...,” the FCA said in a statement.

In the case of Sucdens Financial, the clone firm copied a name, logo or website to create a false perception of belonging to a legitimate company.

In other cases, cloning used to be less noticeable. Fraudsters copied the address or, in order to look reliable, copy the number of a financial license or authorization details of another company.

The British authority warns the users to be cautious, especially if they have been cold called and check whether the firm is authorized by the FCA in the Financial Services Register.

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