Warning from UK Financial Regulator: Be Aware of Clone Firms

The UK Financial Conduct Authority issues a warning to all investors about so-called company clone. Many know the investment firm Fair Oaks Capital Ltd., and now, a scammer under the same name is operating.

All legal entities in the United Kingdom that work with all kinds of finances and investment should have passed certification and received all permissions and registrations from the FCA. So, there were discovered by the regulator some firms working in the field of investment and finance, and targeted at people residing in the UK. However, the mentioned companies have neither registration data nor any documentation that would allow them operating on the UK territory.

One of so-called clones is called Fair Oaks Crypto, and they insist, that they represent the Fair Oaks Capital. However, the company doesn’t have any permissions to work on the territory of the UK and doesn’t have any relation to the real company.

In May only, the FCA started more than 24 processes about investigation of false cryptocurrency firms, that were claiming they were representing the real companies.

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