The Financial Conduct Authority (FCA) has issued a number of warnings to buyers advising them to not use the companies of a number of clone/unregulated funding companies.
The newest regulatory flurry contains asset managers and monetary brokers that seem like soliciting and/or accepting funds from UK residents with out having obtained FCA registration.
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The City watchdog at this time make clear a clone agency representing itself as OLZ Wealth Management AG, which is definitely a regulated firm that gives skilled funding companies within the monetary markets.
The clone has no affiliation in anyway with the asset supervisor and is thus concerned in fraudulent exercise, the watchdog stated. The clone firm additionally claims to be licensed by the FCA, utilizing the authorised agency’s FRN and registered handle.
As per the press launch issued by FCA, the clone agency selected OLZ Wealth Management as a consequence of the truth that it has been approved to function inside the UK.
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The copycat firm operates by https://olzgroup.com and has adopted the handle of the unique firm – Bahnhofstrasse 7 Schaan FL-9494 Liechtenstein. The FCA warns that this can be a typical transfer for a rip-off firm to realize the belief of unsuspecting purchasers.
The unique agency has been conducting enterprise for a number of years now and will be discovered at http://www.olz.ch/en.
Clone companies function by mimicking legit firm particulars to rip-off individuals into faux, non-tradable or nugatory investments. Investors can defend themselves by being cautious of any chilly calls providing funding alternatives and being positive the examine the corporate’s particulars on the FCA register.
If you’re an investor, you ought to be conscious that the Financial Ombudsman Service and the Financial Services Compensation Scheme usually are not out there when you cope with an unauthorised firm or particular person, the FCA stated in an announcement.