The UK regulator has revealed a new clone firm. Which details UK FCA Gain Capital Ltd warning provides on the fraudulent entity?
9 January, AtoZForex – The UK Financial Conduct Authority (FCA) has found out that a scam firm was claiming to be Gain Capital UK Ltd, brokerage registered with the regulator. The name of the clone firm is Gain Capital Ltd. Although it looks similar to the original entity, the fraudulent firm has nothing to do with the authentic company. Therefore, the UK watchdong has added the illegal entity to its alert list.
UK FCA Gain Capital Ltd warning
Gain Capital UK Ltd is a financial services provider supervised by the FCA. The entity is located at Park House, 16 Finsbury Circus, London, UK. Gain Capital UK Ltd runs its operations through www.cityindex.com and www.forex.com/uk. The firm offers a variety of trading services. They include Forex, spread betting and contracts for difference. The company belongs to Gain Capital Holdings that is publicly traded on the New York Stock Exchange.
Whereas, Gain Capital Ltd, the clone firm, claims to be located at Derby Trading Estate, Unit 5, Stores Road, Derby, UK. Itn its warning, the FCA gives the following contact details of the firm: email@example.com and firstname.lastname@example.org.
The genuine brokerage has no connection or affiliation with the clone entity. Furthermore, the regulator has confirmed that there is no relation between Gain Capital UK and the clone, Gain Capital Ltd. Consequently, The UK regulator alerts investors against dealing with the clone firms as none of the regulatory authorities supervises the entity.
In its report, the FCA stated that clone firms usually use the name of the legal entity or firm reference number when they cold call potential victims. Therefore, the FCA recommends investors to ensure they commit their funds with legal companies. Investors can do so by checking the Financial Services Register.
In addition, AtoZFoerx also advises you to only cooperate with regulated Forex Brokers. You can check the list of AtoZ Approved Forex Brokers that have passed our tests.
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