FCA issues another clone warning: AMT Markets ripped off

Fraudsters are using the details of firms the FCA authorizes to try to convince people that they work for a genuine, authorized firm. With a number of bogus websites attempting to dupe customers, not only regulators but actual firms are warning too. Yesterday, Alpari issued a public warning to potential investors to clarify no connection between itself and the array of sites.

There has been a lot of concern by the FCA on cloning of sites. Many of the clones have been originating from the Far East and have been emulating British firms, because of the prestige of the regulation and the country’s obvious capital market reputation. Moreover, being outside of the country makes it hard to actually catch the perpetrators.

The FCA states the following regarding the latest clone warning:

This is what we call a ‘clone firm’; and fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called. They may use the name of the genuine firm, the ‘firm reference number’ (FRN) we have given the authorized firm or other details.

Fraudsters are using or giving out the following details as part of their tactics to scam people in the UK:

Clone Firm Name: AMT Markets

Website: www.amt-markets.co.uk

Be aware that the scammers may give out other false details or mix these with some correct details of the authorized firm.

This FCA Registered Firm that fraudsters are claiming to work for has no association with the ‘clone firm’. It is an FCA Authorized Firm and is authorized to advise, arrange, deal as agent on investments, advise on pension transfers and opt outs, manage investments, make arrangements with a view to transactions in investments and safeguard and administer assets.

Its correct details are:

Firm name: Amalgamated Metal Trading Limited
Firm reference number: 113946
Address: 55 Bishopsgate, London EC2N 3AH
Telephone: 020 7626 4521
Website: www.amt.co.uk
Email: [email protected]

If you think you have been approached by an unauthorized or clone firm, or contacted about a scam, you should contact our Consumer Helpline on 0800 111 6768. If you were offered, bought or sold shares, you can use our share fraud reporting form.

If you think your authorized firm has been cloned or scammers are fraudulently using your name or other details, contact our Firm Helpline on 0845 606 9966.

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