The Financial Conduct Authority last week issued eight new warnings against unauthorised firms, including one ‘clone’ firm that is set up using the branding of Axa’s Isle of Man offshore investment subsidiary.
According to an FCA alert the clone is called Axa Isle of Man Limited and is based in China. It has no association in any way with the Axa group of companies, the FCA said.
The seven other unauthorised firms which may be targeting UK customers include:
• Seattle-based CV Global Corp LLC;
• Cramer Private Group;
• London-based Lexington International Group;
• Managed Savings Company ltd;
• AJAJ Group;
• Rahway-based RSI bank plc; and
• Green & Global Limited / Green and Global Administration Limited.
People who invest in these firms will not have recourse to the Financial Ombudsman Service or Financial Services Compensation Scheme.
