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The regulator said, CWG Markets is a clone firm of CFD broker and Markets Ltd. Another clone firm has been materialize on the Financial Conduct Authority(FCA) radar this week, with the British regulator publishing a caution on its website against CWG Markets.
According to the warning, CWG Markets is a clone firm of CWG Markets Ltd which is a contract for difference (CFD) and foreign exchange (forex) broker, is a partnership authorized by the FCA. As per UK regulator, the FCA authorized firm which fraudsters are claiming to work for has no association with the clone firm, it has been authorized to promote, offer or sell services or products in the UK.
Approximately all firms and individuals carrying out financial services activities in the UK has to be registered by us. This firm is not registered by us but it has been targeting people in the UK as claiming to be an authorized firm. This is what known as a ‘clone firm’ and fraudsters frequently use this method when contacting people out of the blue, so you supposed to be especially wary if you have been cold called. As the name indicates, clone firms are deceitful entities which copy details of a legal firm, such as their address, website, name, registration details, etc.