The Financial Conduct Authority (FCA) has issued a warning
against a clone of the regulated entity, Claims Solution UK Limited. The
clone firm, operating under the name Expert Solutions and using the website
expert-solutions.net, is attempting to deceive individuals by impersonating the
authorized financial entity.
According to the watchdog, the clone firm Expert Solutions
operates under various false details, including its name, address, telephone
numbers, email addresses, and website. These details, such as the address at 32
Threadneedle St, London, EC2R 8AY, and telephone numbers 447993930291 and
447488875788, are fabricated to appear legitimate.
Clone firms mimic the details of legitimate companies
authorized by the FCA in an attempt to appear genuine. Such entities may
manipulate contact details over time to evade detection. The FCA has urged the
public to differentiate between clone firms and
authorized entities.
In this latest warning, the genuine firm operates under the FCA with the reference number 833973 and is located at 5 The Pippins, Shotton, Deeside,
Flintshire, CH5 1PE, in the United Kingdom. Any connection between the clone firm and
the authorized entity is fraudulent.
Source: FCA’s Warning List
Risks for Consumers
The FCA mentioned that engaging with clone firms poses
significant risks to consumers. Notably, individuals dealing with such entities have no access to the Financial Ombudsman Service for complaint resolution.
Moreover, they will not be protected by the Financial Services Compensation Scheme, compromising the possibility of recovering funds in case of business
insolvency or malpractice.
To safeguard against financial scams, individuals should
only engage with firms authorized by the FCA. To verify whether a company is registered, users can use the Financial Services Register. Additionally, users can respond to
unexpected communications from financial entities using their registered contact
details.
Last year, the FCA stepped up its enforcement efforts
against misleading financial promotions and unauthorized firms, resulting in
record fines and the cancelation of 1,266 firms. This proactive approach
underscored the FCA’s commitment to safeguarding consumers and maintaining
market integrity.
Besides that, the regulator removed over 10,000 potentially
misleading adverts and issued 2,243 warnings about unauthorized firms and
individuals. Notably, between January and October 2023, the FCA canceled
several entities that failed to meet its minimum standards for authorization,
doubling the number of cancellations compared to the previous year.
The Financial Conduct Authority (FCA) has issued a warning
against a clone of the regulated entity, Claims Solution UK Limited. The
clone firm, operating under the name Expert Solutions and using the website
expert-solutions.net, is attempting to deceive individuals by impersonating the
authorized financial entity.
According to the watchdog, the clone firm Expert Solutions
operates under various false details, including its name, address, telephone
numbers, email addresses, and website. These details, such as the address at 32
Threadneedle St, London, EC2R 8AY, and telephone numbers 447993930291 and
447488875788, are fabricated to appear legitimate.
Clone firms mimic the details of legitimate companies
authorized by the FCA in an attempt to appear genuine. Such entities may
manipulate contact details over time to evade detection. The FCA has urged the
public to differentiate between clone firms and
authorized entities.
In this latest warning, the genuine firm operates under the FCA with the reference number 833973 and is located at 5 The Pippins, Shotton, Deeside,
Flintshire, CH5 1PE, in the United Kingdom. Any connection between the clone firm and
the authorized entity is fraudulent.
Source: FCA’s Warning List
Risks for Consumers
The FCA mentioned that engaging with clone firms poses
significant risks to consumers. Notably, individuals dealing with such entities have no access to the Financial Ombudsman Service for complaint resolution.
Moreover, they will not be protected by the Financial Services Compensation Scheme, compromising the possibility of recovering funds in case of business
insolvency or malpractice.
To safeguard against financial scams, individuals should
only engage with firms authorized by the FCA. To verify whether a company is registered, users can use the Financial Services Register. Additionally, users can respond to
unexpected communications from financial entities using their registered contact
details.
Last year, the FCA stepped up its enforcement efforts
against misleading financial promotions and unauthorized firms, resulting in
record fines and the cancelation of 1,266 firms. This proactive approach
underscored the FCA’s commitment to safeguarding consumers and maintaining
market integrity.
Besides that, the regulator removed over 10,000 potentially
misleading adverts and issued 2,243 warnings about unauthorized firms and
individuals. Notably, between January and October 2023, the FCA canceled
several entities that failed to meet its minimum standards for authorization,
doubling the number of cancellations compared to the previous year.
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- Source: https://www.financemagnates.com//forex/fca-flags-clone-firm-impersonating-legitimate-claims-solutions-uk-limited/
