The Financial Conduct Authority (FCA) has sounded the alarm on a fraudulent clone of Claims Solution UK Limited, dubbing the imposter Expert Solutions, which operates through the website expert-solutions.net.
This entity is engaging in deceptive practices by impersonating the authorized financial company in an effort to trick individuals.
Expert Solutions, the clone firm, has gone to lengths to fabricate various aspects of its identity, including its name, address, contact numbers, email, and web presence.
Details such as a fake address at 32 Threadneedle St, London, EC2R 8AY, and counterfeit telephone numbers 447993930291 and 447488875788 are part of its strategy to seem credible.
Clone firms are notorious for mimicking the details of FCA-authorized companies to appear legitimate, often altering their contact information to avoid detection.
The FCA encourages the public to be vigilant in distinguishing between these fraudulent entities and the legitimate firms.
The genuine Claims Solution UK Limited is FCA-regulated under reference number 833973, with its authentic location at 5 The Pippins, Shotton, Deeside, Flintshire, CH5 1PE, United Kingdom.
Any supposed links between the clone and the authorized entity are entirely false.
The FCA has highlighted the dangers associated with clone firms, including the lack of access to the Financial Ombudsman Service for resolving complaints and the absence of protection from the Financial Services Compensation Scheme, which jeopardizes fund recovery in the event of insolvency or malpractice.
To protect themselves, the FCA advises individuals to only engage with firms officially authorized by the regulator.
Verification can be done through the Financial Services Register, and it is recommended to verify unexpected communications using registered contact information.
In a robust move against financial scams, the FCA intensified its crackdown on deceptive financial promotions and unauthorized firms last year, implementing record fines and revoking the authorization of 1,266 firms.
This demonstrates the FCA’s commitment to consumer protection and market integrity.
Furthermore, the regulator eliminated over 10,000 misleading adverts and issued 2,243 alerts concerning unauthorized firms and individuals.
Remarkably, the FCA doubled its cancellation of entities failing to meet authorization standards between January and October 2023 compared to the prior year, reflecting its rigorous enforcement stance.