Last week the Financial Conduct Authority identified three more clone firms and published warnings against three further unauthorised firms in a sextet of alerts on firms that are not authorised but which may appear so to consumers.
The three clone firms highlighted were:
• US-based Davis & Co LLC, a clone of London-based Davis & Co LLP;
• London-based Risk & Portfolio Management Ltd, a clone of Stockholm-based RPM Risk & Portfolio Management AB; and
• BJL Hardy (UK), a clone of Amersham-based firm BJL Hardy.
The regulator also warned that the following firms are not authorised to carry out regulated activities in the UK, but may be targeting UK customers:
• Singapore-based Bradley King M&A;
• US-based Otis KPO LLC; and
• India-based Alliance Direct Management.
Because these firms are unauthorised, investors will not be protected by the Financial Ombudsman Service or the Financial Services Compensation Scheme if their investments turn sour, the FCA stated.
Last weeks sextet of alerts followed the issuance of 11 such warnings in the previous week as the FCA continued to focus on unauthorised and clone firms, after it had earlier suggested that many such notices would appear on it’s website following the bifurcation of the FSA.
