IBL Markets’ scam: FCA warns against clone firm


Another fraudulent activity has been revealed by the Financial Conduct Authority (FCA) today. The FCA warns against clone firm of Interactive Brokers that claimed to have a relation with it. How to refrain from being scammed?

26 August, AtoZForex – Today, the UK’s watchdog has disclosed the latest fraudulent activity. The fraud is related to a clone firm, IBL Markets, that pretended to have a relation with Interactive Brokers U.K. Ltd., FCA regulated brokerage.

IBL Markets’ scam

According to the IBL Markets’ website (www.ibl-markets.com), a clone is the binary options firm running its operations in more than 80 countries across Europe, North America, Middle East, Asia, and India. It is stated that a firm is a leader in financial and internet development services with a headquartered in London, 10 Carey Lane, Seventh Floor. However, it is not indicated anywhere on the website that the firm is authorized by any regulator. Furthermore, the clone claims to have a connection with the FCA registered firm by using Interactive Brokers' logo.

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Interactive Brokers U.K. Ltd is the branch of Interactive Brokers Group LLC and is authorized with the UK’s regulator. The brokerage is one of the leaders in the industry and offers a variety of trading solutions for investors and institutions across the world. The legitimate entity is located at Heron Tower, 110 Bishopsgate, London, UK and its website is www.interactivebrokers.co.uk. Hence, Interactive Brokers U.K. Ltd. does not have any relation or affiliation with the clone entity, IBL Markets, which was affirmed by the regulator.

In addition, the FCA warns against clone firm, IBL Markets, as the clone is not registered with any regulator.

See also: FCA exposes ADV Investment Bank clone

How to protect yourself from being scammed

This attempt of a firm to scam individuals by copying legal entity is not the first one but amid many others, as wrongdoers try to deceive money market participants applying illegal tactics and equivocal details.

Therefore, the UK’s regulator notifies investors to be cautious when they receive cold calls because a clone firm may use a legitimate company’s name or a person calling state that they work for a legal firm. Also, the FCA recommends investors to only use services of firms that are regulated. To verify if the company is authorized or not one can visit Financial Services Register website.

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