FCA issue ‘Clone Broker’ warning


Fraudsters are using the details of firms that the FCA authorise to try to convince people that they work for a genuine, authorised firm.

Almost all firms and individuals carrying out financial services activities in the UK have to be authorised or registered by the FCA.

Blue Insurance UK is not authorised or registered by the FCA and has been targeting people in the UK, claiming to be an authorised firm.  The correct firm is Blue Insurance Ltd who are based in Glamorgan. Their FCA reference number 431623 (address - 1 Neptune Court, Vanguard Way Cardiff South Glamorgan CF24 5PJ).

'Clone firms' and fraudsters use this tactic when contacting people out of the blue.  The FCA are advising the public to be especially wary if they have been cold called.

Fraudsters may use the name of the genuine firm, the 'firm reference number' that the FCA have given the authorised firm or other details.