A Clone of CPT Markets UK Warned by FCA

Recently, the UK Financial Conduct Authority (FCA) warned of a cloned company that was misusing details such as the logo and brand name of CPT Markets, a UK- regulated broker, posing as a legitimate company to promote financial services and products to the public.

The FCA published information such as the illegal company's address, website and telephone number in a warning issued last week, reminding local consumers to avoid falling for the scam. However, fraudsters may give other false information and change contact details over time. And it is possible that the information they give is mixed with genuine information belonging to authorized companies.

The regulator said fraudsters copy FCA-authorized companies to try to convince people that it is a genuine company. The fake entity is not authorized by the FCA, but is pretending to be an authorized company.

The company posing as CPT Markets stole the logo and brand name of the legitimate company and claimed to be a Seychelles company, regulated by the Seychelles Financial Services Authority, according to the website. However, there is no regulated firm named "CPT Markets" in the "Securities Dealers" list provided on the Seychelles regulator's website.

The impostor also implies in the "About" section that it is a fifteen-year-old business. However, the broker's website was created about half a month ago.