UK FCA Warns of Clone Firm Impersonating Admiral Markets

A clone firm impersonating Admiral Markets UK Ltd has prompted a warning from the FCA.

Key Insights

  • The UK’s FCA has warned against a clone firm impersonating regulated broker Admiral Markets UK Ltd.
  • The fraudulent entity uses similar contact details and website to deceive investors.
  • Victims of the clone firm will not have access to the Financial Ombudsman Service or protection under the FSCS.

LONDON (MarketsXplora) – Britain’s Financial Conduct Authority (FCA) has issued a warning against a fraudulent entity masquerading as regulated forex and CFD broker Admiral Markets UK Ltd, in an attempt to dupe investors.

The watchdog said the clone firm, operating under the name “admrlmrkts.co,” has appropriated details of the genuine FCA-authorised Admiral Markets to create a faΓ§ade of legitimacy.

“These impostor outfits often mimic the particulars of bona fide companies to ensnare unsuspecting individuals,” an FCA spokesperson told MarketsXplora. “In reality, they have no affiliation with the businesses they impersonate.”

The fraudulent entity lists a London phone number and multiple email addresses, including “support@admrlmrkts.co” and “compliance.uk@admiralmarkets.io,” alongside a deceptive website.

In contrast, the authentic Admiral Markets UK Ltd, which holds the firm reference number 595450, is headquartered at 2 Leman Street in London and utilises the web domain “admiralmarkets.com.”

The regulator cautioned that victims of the clone firm would be bereft of vital safeguards, such as access to the Financial Ombudsman Service for complaints and coverage under the Financial Services Compensation Scheme (FSCS).

“Dealing with this counterfeit operation means forfeiting the safety net designed to protect investors,” the FCA representative added. “There’s a high probability of irretrievable losses should the firm cease operations.”

This alert forms part of the FCA’s ongoing efforts to combat financial fraud, which has seen a sharp uptick in recent years, particularly with the rise of online trading platforms.

The regulator urged consumers to exercise heightened vigilance when approached by firms touting investment opportunities, recommending thorough verification of the company’s credentials against the Financial Services Register.

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