FCA warns of rise in firm cloning

In its monthly regulation roundup director of policy David Geale said the number of cloning incidents concerning regulated firms has risen over the past few years as the tactic became more popular among scammers. Cloning is when a fraudster uses a firm's name, registration number and address to suggest they are genuine when cold-calling investors to promote investment opportunities that are non-tradable, worthless, overpriced or even non-existent, the FCA said. The regulator asked firms which think they have been cloned to contact the FCA Contact Centre and notify their clients as wel...