The UK Financial Conduct Authority has once again had to issue several warnings on clone firms and unauthorised financial services companies, targeting UK investors, as the wave of fraudulent firms continues into the new year.

The UK [tag|FCA|]Financial Conduct Authority[/tag] has once again had to issue several warnings on clone firms and unauthorised financial services companies, targeting UK investors, as the wave of fraudulent firms continues into the new year.

“Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm,” the regulator said, adding that the clone firms usually use this tactic when contacting people out of the blue, and as such, UK investors should be wary of such scams.

In this case, www.d2fsl.com and www2.d2financialservicesltd.com of Motherwell, Lanarkshire are copying the authorised firm, d2 Financial Solutions, which is based in Paisley.

Similarly, the Hong Kong-based firm www.svsfx.com.cn is copying the FCA regulated firm, SVS Securities PLC, based in Fenchurch Street in London.

The regulator said that the fraudulent firms may use the name of the genuine firm and the 'firm reference number' given to the authorised firm or other details, in order to cheat investors.

In addition, the financial watchdog warned of an unauthorised firm providing financial services and products to UK residents.

Protected Today, operating out of the website www.protected-today.co.uk, has allegedly been targeting potential UK investors, without having gained authorisation from the FCA.

Seeing as most financial services firms have to be registered with the FCA, most unauthorised firms avoid the regulator in order to run scams like share fraud.

This is problematic as investors who give money to an unauthorised firm, will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme if things go wrong, the regulator explained, while urging investors to ensure that their chosen firm is listed on the FCA register.