The UK Financial Conduct Authority (FCA) has issued a caution against a fraudulent entity abusing the details of Finalto.

Fraudsters copy the details of firms the FCA sanction to try and convince people that their firm is genuine. Finaltos is not authorised by the FCA but has been contacting people pretending to be an authorised firm. This is what the regulator calls a clone firm.

If you deal with the clone firm, you won’t have access to the Financial Ombudsman good turn if you have a complaint.

You also won’t be protected by the Investment Services Compensation Scheme (FSCS) if things go wrong. This means it’s unlikely you’d get your money back if the firm goes out of business.

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