Regulation  

Two more clones among sextet of FCA warnings

The Financial Conduct Authority last week issued six new warnings against unauthorised firms that may be targeting UK consumers with seemingly regulated services, including two firms that are ‘clones’ of FCA-regulated companies.

The two clone firms identified were:

• London-based ICG, who may also use the name Intermediate Capital Group, clone of FCA-authorised specialist buyout lender Intermediate Capital Group; and

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• London-based Capital Markets, Clone of FCA EEA authorised Capital Markets.

Unauthorised firms which may be targeting UK customers include:

• Range Legal Assistance (New York);

• Felmina Alliance Inc, trading as Felmina Alliance Ltd (Panama);

• Dean Witter Consultancy (New York); and

• Fidelity Global Recovery (New York).

People who invest in these firms will not have recourse to the Financial Ombudsman Service or Financial Services Compensation Scheme if they feel they have been deceived or unjustly treated, the FCA has said.