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Almost all firms and individuals carrying out financial services activities in the UK have to be authorized or registered by the Financial Conduct Authority (FCA). From time to time, however, firms not authorized or registered by the FCA are targeting people in the UK, claiming to be an authorized firm.
This is what is called a ‘clone firm’; and fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you receive an unsolicited call from a company offering financial services. Fraudsters may use the name and details of a genuine firm and ... (read more)