FCA issues 96 warnings about unauthorised and clone financial firms

Ninety-six warnings in one week — that’s the scale of suspected unauthorised and clone financial activity the FCA flagged in its latest public alert. Clone firms are above all deceptive: they copy the names, branding and contact details of genuine authorised businesses to appear legitimate, making them harder to spot than straightforward fraudulent operations.

The FCA posted the figure on its official account, naming recent additions to its Warning List including Shellnovatrade, Selleypillar, Prestige Savings Group, Wyseforte Bank and VortexFX. VFM Leasing was specifically identified as a clone of an authorised firm. The precise seven-day period covered by the 96-warning figure could not be independently verified from available official records.

The financial stakes are real. Action Fraud received more than 3,767 reports involving clone scams in 2020 alone, with consumers reporting losses of more than £78 million to clone-firm investment scams that year.

Checking the Financial Services Register isn’t enough on its own. The FCA warns that even if a firm appears on the register, consumers must independently verify that the contact details used by anyone approaching them — phone numbers, email addresses, website URLs — actually match those listed by the regulator. Clone operators rely on that step being skipped.

Anyone approached by a firm they suspect is unauthorised can report it to the FCA on 0800 111 6768. Consumers who believe they’ve lost money to fraud should also contact Action Fraud and their bank or payment provider as quickly as possible.

Key information

• Check the FCA Warning List at the FCA’s official website before dealing with any financial firm
• Verify contact details independently — do not rely solely on a firm’s presence on the Financial Services Register
• Report suspected unauthorised firms to the FCA on 0800 111 6768
• If you’ve lost money to fraud, contact Action Fraud and your bank or payment provider promptly