FCA Flags Clone Firm Schurz Helmut as FX Scams Plague Market

This Monday, the Financial Conduct Authority (FCA) has flagged two firms which it considers to be clone corporations, with the newest offender being Schurz Helmut, which is fraudulently copying the small print of a licensed agency.

Specifically, the clone agency operates through the web site and claims to supply plenty of funding merchandise equivalent to international trade (foreign exchange), fixed-income and extra. It additionally states that it’s primarily based at 25 Canada Square, London, E14 5LQ.

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However, the British regulator highlights that this entity will not be licensed to supply monetary services or products within the United Kingdom, however it’s focusing on residents throughout the UK regardless.

Furthermore, as per the warning the clone agency is claiming to be related to one other firm by the identical identify Schurz Helmut which operates through and relies in Austria.

The reliable agency affords insurance coverage, funding and monetary providers throughout the European Economic Area (EEA). As the regulator outlines: “This FCA licensed agency that fraudsters are claiming to work for has no affiliation with the ‘clone agency’. It is authorised to supply, promote or promote providers or merchandise within the UK.”

FCA Remains Vigilant with Spotting Clone Firms

Clone corporations, because the identify suggests, is when an organization clones particulars of a licensed entity to seem reliable. Sometimes, as is the case with Schurz Helmut, the clone agency will copy the identify, emblem or web site to create a false notion of affiliation with a reliable firm.

In different cases, the cloning is much less noticeable. The fraudsters may solely copy an tackle or, with a purpose to look genuine, copy the monetary license quantity or authorization particulars of one other agency.

Thanks to the web, these monetary scams have gotten increasingly refined and what as soon as would have been an apparent rip-off is now tougher to establish.

Only this morning the FCA revealed the same warning on its web site, this time, the regulator flagged Financial Exchange, which operates through the next web site – – and is claiming to work for the London Metal Exchange Limited. However, this isn’t true in response to the UK watchdog.

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David is the founder of The firm originates business financing for companies of all size in the Canadian marketplace . Originations include business loans, term loans, asset based lines of credit, SR ED Tax credit financing , and receivable financing .

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