The UK Financial Conduct Authority (FCA) keeps encountering cases of unlicensed companies willing to make use of data of authorized entities and thus attract more clients.
The latest example of the use of this practice, which has become known as cloning, concerns UK Forex broker Atom8, which appears to have two clones, abusing its name, address and pretty much – its entire website.
The first clone is Otam8 and the second one is Atom8 Asia, with the UK financial regulator noting that these two firms are not licensed to offer investment services in the UK and have nothing to do with the authorized broker – Atom8 Financial Services LLP.
To help investors distinguish between the fraudulent entities and the authorized company, the FCA provides the following details.
- Otam8 (Clone of a FCA authorised firm)
- Atom8 Asia (Clone of a FCA authorised firm)
- FCA authorised firm details
Firm name: Atom8 Financial Services LLP
Firm reference number: 590299
Address: 2nd Floor, Centenary House, Palliser Road, London, W14 9EQ
Tel: +44 (0)20 7043 5050, +44 (0)20 3405 3910
Email: [email protected]
You can view the full warning from the FCA about Otam8 by clicking here.
To check out the warning regarding Atom8 Asia, click here.