The Financial Conduct Authority (FCA) of the UK has issued a cautionary alert regarding a suspected clone firm purportedly associated with a previously registered entity. According to a notice released on Friday, the FCA clarified that it has not granted authorization to forexeze.com and forex-eze.com for providing services to clients.
The FCA further stated that the suspected clone firm has been making contact with individuals, presenting itself as a legitimate financial service provider.
Clone firms employ various deceptive strategies, replicating details of authorized entities to appear authentic. They often mirror the names, email addresses, and websites of authorized firms, making it difficult for individuals to discern their fraudulent nature. Notably, forexeze.com and forex-eze.com utilize email addresses such as info@forexeze.com and support@forex-eze.com, as highlighted by the regulator.
However, the genuine firm’s details are registered under Forexeze Limited, holding the FCA Firm Reference Number 809435, and operating from Scottish Provident House in Harrow, Middlesex.
The FCA has cautioned users that engaging with clone firms exposes them to significant risks. Unlike authorized entities, clone firms do not offer regulatory protection or access to dispute resolution mechanisms like the Financial Ombudsman Service. Moreover, clients are not covered by the Financial Services Compensation Scheme.
Read more: Forex News Live
Furthermore, the regulator has urged users to verify the authorization status of any firm they intend to engage with through the FCA’s Financial Services Register before proceeding with any transactions.
