The Financial Conduct Authority (FCA) of the UK has issued a warning regarding a suspected clone firm, forexeze.com and forex-eze.com, which falsely claims to be associated with a legitimately registered company.
In a recent notice, the FCA clarified that these websites are not authorized to provide financial services.
The regulator highlighted that this clone firm is impersonating Forexeze Limited, a genuine entity with an FCA Firm Reference Number of 809435.
Forexeze Limited is located at Scottish Provident House in Harrow, Middlesex, and can be contacted via telephone at +442088613040 or through its official email, [email protected].
The clone, however, uses different contact details, including [email protected] and [email protected], to deceive individuals by mimicking the legitimate company’s profile.
Clone firms like these are known for replicating names, websites, and contact information of authorized firms to appear credible, making it difficult for people to discern their fraudulent intentions.
The FCA stressed the dangers of engaging with such entities as they do not provide the regulatory protections afforded to clients of authorized firms.
This absence of oversight means that customers dealing with clone firms have no access to the Financial Ombudsman Service for dispute resolution, nor are they covered by the Financial Services Compensation Scheme.
To safeguard against such scams, the FCA advises individuals to always check the Financial Services Register to confirm the authorization status of any firm before proceeding with financial transactions.
Meanwhile, the Financial Markets Authority (FMA) in New Zealand is also taking measures to combat scams and fraudulent activities within its financial markets.
The FMA has recently taken action by revoking the crowdfunding license of Equitise Pty Ltd, a service provider licensed since 2014, due to compliance failures, including the late filing of annual confirmations and failure to submit financial reports.
Additionally, the FMA issued a warning against AxonExchange, a cryptocurrency trading provider, as part of its ongoing efforts to protect consumers and maintain the integrity of financial markets.