FCA Blacklists Four Clones and Three Unauthorised Firms

The Financial Conduct Authority (FCA) issued warnings to local investors against seven firms in total that are known to have been soliciting customers in the UK jurisdiction, three of which are operating in the country without any licenses and four are clones of legitimate platforms trying to fraud investors.

What Bond, Check a Bond and Future Energy Fund are on the blacklist of the FCA for providing financial services or products in the UK without authorisation. The FCA advises investors to be wary of dealing with these unauthorised firms, or else they will not access to Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme (FSCS) if things go wrong.

Among the four clones on the blacklist of the watchdog, CWG Markets/CWG Forex TW is using the name of an FCA-authorised firm CWG Markets Ltd. CWG Markets Ltd. ("CWG") is a leading global financial product online trading provider under the authority and supervision of the FCA. Another three clones of FCA-authorised firms are Newgate Private Equity UK, clone of Newgate Private Equity Limited, JP Lafon Wealth Management, clone of JEAN-PIERRE LAFON, and Gard Marine & Energy, clone of Gard Marine & Energy Insurance. These firms have been taking advantage of their misleading name resembling the name of well-known and authorised firms to solicit traders based in the UK. So be wary anytime dealing with these clones.

The UK regulator is continuously adding suspicious companies to its warning list, which Fazzaco is also covering in a timely manner.