FCA issues fresh clone broker warning

warning-sign

Fraudsters are using the details of Alternative Insurance Brokers to trick consumers.

The Financial Conduct Authority (FCA) has warned that fraudsters are using the details of an authorised Cheshire-based firm to scam people in the UK.

The regulator noted that Alternative Propositions Limited trading as Alternative Insurance Brokers, has no association with the clone firm.

The scammers are using the name Alternative Insurance Brokers, as well as the same address as the genuine business.

They are also operating via a phone number, an email address and a website, which at the time of writing is still active.

A statement from the FCA read: “This firm is not authorised or registered by us but has been targeting people in the UK, claiming to be an authorised firm.

“This is what we call a ‘clone firm’; and fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called. They may use the name of the genuine firm, the ‘firm reference number’ (FRN) we have given the authorised firm or other details.”

Clones
Earlier this month the watchdog warned of scammers using the details of UK General, the latest in a string of clone firm alerts.

In June it also revealed that fraudsters were using the details of the authorised South London firm, Wentworth Insurance Brokers.

It has also previously reported that Minsura Insurance, which claimed to offer motor cover, was a clone of an EEA authorised firm.

In September the FCA issued a warning about a clone of UK Insurance, the underwriting entity of Direct Line Group which does not sell directly through the brand.

Last June, scammers were giving out the details of Car Insurance 4 u, where fraudsters were operating via a mobile number and a Facebook page.

The page was removed after Insurance Age stepped in and contacted Facebook.

The FCA has also recently warned of two sets of scammers operating on Instagram, Delta Car Insurance and GLC Car Insurance.

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