FCA Warns of Clone Firm Pretending To Be Forexeze Limited
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The UK’s financial services regulator has raised concerns about a suspected clone company falsely claiming to be linked with a formerly registered organization. In a notice issued last week, the Financial Conduct Authority (FCA) highlighted that it had not licensed forex-eze.com and forexeze.com to provide its services.
The FCA further stated that the supposed clone organization has been contacting individuals, portraying itself as a trustworthy financial institution
The FCA Advises Users To Always Verify The Certification Status Of Any Firm
Clone companies utilize many deceptive strategies, mimicking licensed institutions’ details to look legitimate. They frequently copy authorized companies’ websites, email addresses, and names, making it difficult for individuals to identify their deceptive nature. The regulator underscored that forex-eze.com and Forexeze.com used email addresses, like [email protected] and [email protected].
Nevertheless, the genuine company’s information corresponds to Forexeze Limited, which is registered under the FCA company Reference Number 809435 and conducts business from the Scottish Provident House in Harrow, Middlesex.
The FCA has cautioned users that interacting with clone companies exposes individuals to substantial risks. Unlike licensed organizations, clone companies do not provide regulatory security or access to dispute settlement systems such as the Financial Ombudsman Service. In addition, customers are not under the purview of the Financial Services Compensation Scheme
Apart from that, the regulator has advised users to confirm the Certification status of any company they choose to transact with via the FCA’s Financial Services Roster before proceeding with any transactions.
The FCA Supervises Financial Entities Providing Services To Customers
Additionally, the Financial Markets Authority (FMA) of New Zealand is working to combat scams and fraudulent activity in the financial markets. The regulator has taken significant measures to secure consumers and uphold market integrity.
The FMA revoked the crowdfunding license of Equitise Pty Ltd and issued a cautionary statement about AxonExchange, a Cryptocurrency exchange platform.
Equitise, an authorized equity crowdfunding platform since 2014, experienced license annulment for failure to comply with regulatory obligations. The firm allegedly failed to present financial reports and submitted a belated annual confirmation report.
The FCA is a financial regulatory entity in the UK that Functions autonomously from the UK Government and is funded by levying fees on participants in the financial services sector. The FCA supervises financial entities delivering services to customers and safeguards the trustworthiness of the financial markets in the UK.
It focuses on regulating the behavior of both wholesale and retail financial services companies. Similar to its forerunner, the FSA, the FCA is organized as a firm limited by guarantee.
