Warning: Clone Firm BGC Brokers L.P. Alerted by Financial Conduct Authority (FCA)

Strategic Insights -

The UK's Financial Conduct Authority (FCA) has issued a warning about a clone firm that is pretending to be a legitimate financial institution. The firm, bgc-brokers-lp.com, is claiming to be an authorized firm, but in reality, it is a scam. The FCA has confirmed that the genuine firm, BGC Brokers L.P, has no connection with the clone firm and is not responsible for the scam activities.

Key Takeaways:

  • The clone firm, bgc-brokers-lp.com, is using the genuine firm's name, BGC Brokers L.P, to scam people and convince them that it is a legitimate financial institution.
  • The clone firm is contacting people via phone (+971521045342, +447731899784), email (support@bgc-brokers-lp.com), and website (https://bgc-brokers-lp.com/en/), providing false details to convince people of its legitimacy.
  • Scammers may also provide other false details, including email addresses, telephone numbers, postal addresses, and Firm Reference Numbers.
  • The FCA has confirmed that the genuine firm, BGC Brokers L.P, has no connection with the clone firm and is not responsible for the scam activities.
  • If you deal with the clone firm, you won't have access to the Financial Ombudsman Service if you want to complain, and you won't be protected by the Financial Services Compensation Scheme (FSCS) if things go wrong.
  • You may be covered by protections introduced by the Payment Systems Regulator (PSR) if you sent money to a fraudster on or after 7 October 2024.
  • The FCA has provided guidance on how to protect yourself from clone firms, including using the FCA Firm Checker to confirm a firm's authorization.

Statistics:

  • The clone firm has been contacting people via phone, email, and website, using false details to convince people of its legitimacy.
  • The genuine firm, BGC Brokers L.P, has a Firm Reference Number (454814) and is authorized by the FCA with a registered address at 5 Churchill Place, London, E14 5RD.
  • If you deal with the clone firm, you won't be protected by the FSCS, which would allow you to claim compensation if the firm went out of business.
  • The Payment Systems Regulator (PSR) introduced protections for people who sent money to a scam account on or after 7 October 2024.

Sources:

  • Financial Conduct Authority (FCA)

+ Webpage: "Clone firm: BGC Brokers L.P" (accessed 2024-10-07)

+ FCA Firm Checker (accessed 2024-10-07)

+ Payment Systems Regulator (PSR) (accessed 2024-10-07)

+ Financial Services Compensation Scheme (FSCS) (accessed 2024-10-07)

+ Financial Ombudsman Service (accessed 2024-10-07)