The Financial Services Authority (FCA) announced on January 29 that a new Multi-Month Loans has recently introduced under the name of a regulated company in an attempt to deceive investors. In fact, similar incidents are frequent in the United Kingdom and foreign exchange brokers or industry-related service companies. FCA has also released a series of platform monitoring and punishing measures. However, this phenomenon still recurred.
What is a clone company? The so-called clone company is what we often refer to as a de-branching company, that is, to apply for foreign exchange business under the regulatory license of another firm and conduct fraud. The FCA warned that any corporation or individual engaged in financial services activities in the United Kingdom must be authorized or registered by the FCA.