FCA warns against Pepperstone clone firm
The UK Financial Conduct Authority (FCA) today issued a warning against Pepper / Pepperforeign.com, a company abusing the details of authorized FX and CFD broker Pepperstone.
Clone firm details
- Pepper/Pepperforeign.com (clone of FCA authorised firm)
- Websites: https://m.pepperforeign.com/register/?code=695047; https://m.pepperforeign.com/#/login
- Email: peppervip88@gmail.com
FCA authorised firm details
- Firm name: Pepperstone Limited
- Firm Reference Number: 684312
- Address: 70 Gracechurch Street, London, EC3V 0HR
- Telephone: +448000465473
- Email: londonoffice@pepperstone.com
- Website: https://www.pepperstone.com/
Last week, the FCA issued a warning against a Plus500 clone firm. This happens shortly after the regulator cautioned about an “attack of the clone firms”.
The regulator noted recent Action Fraud data revealing that consumers reported losses of more than £78 million between January-December 2020. Throughout 2020, consumers reported average losses of £45,242 each when investing with fraudsters imitating genuine investment firms.
The ongoing financial impact of Covid-19 may also make people more susceptible to these types of clone scams, the FCA said.
Even the most experienced investor could be at risk. Three quarters (75%) of investors said they felt confident they could spot a scam. However, 77% admitted they did not know, or were unsure what a ‘clone investment firm’ was.
Clone firms are fake firms set up by scammers using the name, address and ‘Firm Reference Number’ (FRN) of real companies authorised by the FCA. Once set up, these fraudsters will then send sales materials linking to websites of legitimate firms to dupe potential investors into thinking they are the real firm when they are not.
The FCA is advising anyone considering an investment opportunity to check the Warning List of firms, which is updated daily, and not to deal with a firm that is not authorised by the FCA. The specific details of a firm, such as the telephone number and website address can be verified on the FCA Register.