FCA Identifies Clone Firm Exploiting Admiral Markets' Credibility

The UK Financial Conduct Authority (FCA) has issued a public warning regarding a fraudulent entity impersonating Admiral Markets, a legitimate and authorised trading firm. The clone firm, operating under the name Admiral EU Brokers and the domain Admiraleubrokerz.com, has been falsely presenting itself as an FCA-authorised business.

Clone firms are unauthorised entities that exploit the identities of legitimate firms, using their names, logos, and other details to mislead unsuspecting individuals. While these fraudulent entities may appear credible, they are not connected in any way to the authorised firms they mimic.

The FCA has specifically identified Admiral EU Brokers as a clone of Admiral Markets UK Ltd, a regulated and authorised financial services provider. Despite their attempts to impersonate the legitimate firm, Admiral EU Brokers is not authorised to operate in the UK. The FCA has urged the public to avoid engaging with this clone entity, warning of the potential risks involved.

The fraudulent firm Admiral EU Brokers operates under the email address assistenza.clienti@admiraleubrokerz.com and runs its activities through the website www.admiraleubrokerz.com.

The FCA has highlighted the significant risks of engaging with clone firms. Individuals who deal with such fraudulent entities are not eligible for protection under the Financial Ombudsman Service, which handles disputes between financial businesses and their customers. Furthermore, victims of clone firms are excluded from the Financial Services Compensation Scheme (FSCS), meaning they are unlikely to recover their funds if the clone firm becomes insolvent or fails to honour its obligations.

To safeguard against such scams, the FCA strongly advises individuals to verify the legitimacy of financial firms before entering into any agreements. This includes checking a firm's details on the FCA Register to ensure all contact information aligns with the official records. Any inconsistencies in the information provided could be a clear indication of fraudulent activity.

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