In the latest attempt to protect investors against clone firms, the British financial watchdog has uncovered new clone firm in its UK FCA RTC Finance warning. The FCA accuses the clone firm of targeting clients by giving false information with a fake address.
18 October, AtoZForex - The UK Financial Conduct Authority (FCA) issued its latest warning against clone firm RTC Finance. The authority believes that the firm pretends as an authorized under Spot Capital Markets Ltd.
UK FCA RTC Finance warning
On its part, there is no way in an association of Spot Capital Markets Ltd with the clone firm. The genuine firm also has the EEA registration. Whereas the clone firm uses the address www.rtcfinance.com. According to the statement, RTC Finance has targeted individuals a.k.a. Icon Markets, a.k.a. First World Consultants Limited, drawing this latest warning. The firm doesn't have FCA authorization.
Also, it has been giving out false details and information in an attempt to lure clients using some correct details of Spot Capital Markets Ltd. However, the watchdog suggested individuals to avoid associating with RTC Finance or any of its other unregulated entities.
Concerning the issue, the FCA has continued its ongoing efforts to warn the public against fraudulent and unauthorized entities. Besides this, the clone firms are not an unusual occurrence in the industry. In fact, fraudsters have grown increasingly in the UK in recent years. A tactic for fraudsters is to advertise an illegal operation as a reputable brand or entity.
How to protect yourself?
Moreover, FCA encourages individuals to ascertain the authorization of any firm before dealing with it. All individuals or firms garnering FCA regulation or authorization appear on the register. According to the statement, the regulator says a simple check of any firm deemed suspicious is highly advised to avoid falling victim to any scam.
On the other hand, FCA statement says, “Be aware that the scammers may give out other false details or mix these with some correct details of the registered firm.” In a related matter, in July the regulator also warned of a company trying to clone real company Advantage Leads. However, the earlier fake company advertised itself as Homeowner Loans and Advantage Leads.
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