The Financial Conduct Authority has just issued a warning against a financial services firm illegally operating in the United Kingdom. The FCA has announced that the warning is for the firm going with the name Argon Financial Limited/Argon Secur.
Warning for the Investors and Citizens
The FCA has issued a warning for the citizens of the United Kingdom revealing that Argon Financial Limited/Argon Secur is faking its identity. The firm is doing this in order to lure the locals of United Kingdom to its side and make them investment money making false claims.
According to the regulator, the firm is using the details and identity of an authorized financial firm in the United Kingdom. The firm is doing this to convince the locals of the United Kingdom that it is legit and trustworthy.
The regulatory authority has also classified the particular company as a “clone firm”. The clone firm is an entity that is unauthorized but uses the information of an authorized company to reach out to the locals of the targeted country.
Even the company the false entity targets is based in the same country whose citizens it plans to scam. Argon Financial Limtied/Argon Secur has used the same tactic in order to lure the innocent citizens. It has led them into thinking that they can trust the company due to its authenticity in the UK financial market.
Necessary Approval from the FCA
In the warning, the authority has clarified that for any firm to provide financial services/products to the citizens of the UK, a proper certification is required. The necessary authorization that the financial firms need is given by the Financial Conduct Authority.
There is no other authority in the United Kingdom that can give permission to firms to provide financial services/products to the locals. Therefore, the firm needed to get authorization from the FCA, which it hasn’t.
This is the reason why the firm is not authorized to offer financial services in the United Kingdom. Therefore, if the firm claims it has an authorization from a different authority in the UK or authorized by the FCA, it is making a false claim.
The firm is not at all authorized by the FCA to provide its services in the United Kingdom. Therefore, the warning goes for the citizens of the United Kingdom, especially the investors that they have to remain cautious when interacting with the firm.
The locals must not interact with a firm that is not legally authorized to offer its services to the locals. Being unauthorized means that the firm is disloyal and may put the funds and investments of all the investors interacting with it at a great risk.
How Does a Cloning Firm Act?
The Financial Conduct Authority has also defined that the firm may use different tactics to lure the investors. They may use the name and other details of the authorized company while communicating with the prospects to gain their trust.
This way, the fraudsters may try and make an attempt of cold calling the innocent investors. To increase their level of convincing, such fraudsters may also provide people with the business reference number belonging to the original authorized firm.
Details Provided by the Clone Firm
The trading name of the clone firm is Argon Financial Limited/Argon Secur. The address provided by the firm is City Tower, 40 Basinghall Street, London.
The websites for the firm are https://platform.argon-financial.com/login and http://www.argon-financial.com/.
Detail Provided by the Authorized Firm
The FCA also reached out to the authorized firm being cloned to confirm if it has anything to do with the clone firm. The firm has confirmed it has nothing to do with the unauthorized firm at all.
The name of the authorized firm is Argon Financial Limited. The reference number for the firm is 630135. The address provided by the firm is 3rd Floor Leisure Island Business Centre, 12 Ocean Village Promenade Ocean Village, Gibraltar. The phone number for the firm is 350 20047310.