August 11, 2021, | AtoZ Markets- FCA, the British regulator, warned that the three companies mentioned are “clone companies” and operating without a license. FCA alert on financial “clone companies”.
The UK Financial Conduct Authority (FCA) issued a warning against three companies that are running their operations without a license.
As reported by the financial control body, the companies are:
• Investing4You Ltd .: This company offers financial services or products in the UK “without proper authorization”. Likewise, it does not have access to the Financial Ombudsman Service, and its users will not be protected by the Financial Services Compensation Scheme (FSCS).
• Crylonltd: Also known as CRYPTO LONDON EXCHANGE LTD. It is a company that operates inappropriately, and that does not have the regulation established in the United Kingdom.
• Kingsley Capital: Also known as Kingsley Global, it is a clone company of a real one, but it does not have the appropriate licenses, and therefore, investors run the risk of falling prey to possible scams.
According to reports from the British watchdog, Crylonltd is posing as Crylon Limited to offer financial services in the UK. Additionally, Kingsley Capital is a clone firm of an FCA licensed company called Kingsley Capital Partners LLP.
What are clone companies?
Clone companies are fake companies. They are not authorized or registered according to the rules of the control body where they are developed.
In this case, they are aimed at investors from the United Kingdom.
These companies claim that they are licensed companies in the country, and because of this, investors fall into their traps. “Please note that scammers can give other false details or mix them with some correct details of the registered company to achieve their investment,” details the UK FCA in its statement.
That is the reason to always consult our guide of regulated companies to make your investments. Click here.