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The UK Financial Conduct Authority (FCA) has issued a new fraud warning on January 4, 2024, alerting traders of a clone firm that is impersonating Admiral Markets, a retail Forex and CFD broker. The clone firm, named Admiral Markets Ltd, uses the official website’s names, contact numbers, and addresses to deceive unsuspecting customers. The FCA has advised traders to exercise caution while engaging with any platform other than admiralmarkets.com.

What is a clone firm?

A clone firm is a fraudulent entity that copies the details of a firm authorised by the FCA to try and convince people that their firm is genuine. Clone firms may use the same or similar name, website, logo, address, phone number, or email as the authorised firm. They may also mix these details with the genuine details of the authorised firm. They may also change their contact details over time.

Clone firms target people by contacting them unexpectedly by phone, email, or social media. They may offer attractive investment opportunities or financial services, such as loans, insurance, or pensions. They may also ask for personal or financial information, such as bank account details, passwords, or PINs.

The FCA has warned that if people deal with a clone firm, they will not have access to the Financial Ombudsman Service or the Financial Services Compensation Scheme if things go wrong. This means it is unlikely they will get their money back if the firm goes out of business or scams them.

How to spot a clone firm?

The FCA has provided some tips on how to spot a clone firm and protect oneself from scammers. These include:

• Checking the Financial Services Register to make sure the firm is authorised by the FCA and has permission for the service it is offering. The register also provides contact details for authorised firms.
• Replying using the contact details on the register, not the details the firm gives you.
• Being wary of unsolicited calls, emails, or messages from financial firms or individuals. Do not give out any personal or financial information, such as bank account details, passwords, or PINs.
• Doing some research on the firm before investing or using their services. Look for reviews, testimonials, or complaints from other customers. Search online for the firm’s name and the word ‘scam’ or ‘fraud’.
• Getting independent advice from a financial adviser, lawyer, or accountant before making any financial decisions.

How to report a clone firm?

The FCA has urged people to report any clone firms or suspicious activities to them as soon as possible. People can call the FCA on 0800 111 6768, or use their contact form. They can also report online scams to Action Fraud, the UK’s national reporting centre for fraud and cybercrime.

The FCA has also published a list of unauthorised and clone firms that they are aware of on their website. People can search the list by name, address, or reference number to see if the firm they are dealing with is on the list.

The FCA has stated that they are working closely with other authorities and organisations to combat clone firms and other types of fraud. They have also launched a ScamSmart campaign to raise awareness and educate consumers about the risks of scams and how to avoid them.

What is the genuine Admiral Markets?

Admiral Markets is a global online broker that offers trading in Forex, CFDs, stocks, ETFs, and cryptocurrencies. It is authorised and regulated by the FCA in the UK, as well as by other regulators in different jurisdictions. It has no connection with the clone firm Admiral Markets Ltd.

The correct details of the genuine Admiral Markets are:

Firm Name: Admiral Markets UK Ltd Firm Reference Number: 595450 Address: 37th Floor One Canada Square Canary Wharf London, E14 5AB, UNITED KINGDOM Telephone: +4402077264003 Email: compliance.uk@admiralmarkets.com Website: www.admiralmarkets.com

Admiral Markets has also issued a statement on its website, warning its customers and partners of the clone firm and advising them to verify the authenticity of any communication they receive from Admiral Markets. It has also encouraged them to report any suspicious activities to the FCA and to Admiral Markets.