FMA warns against clone of FCA

The rise of clones has reached its peak. The Financial Markets Authority (FMA) of New Zealand recently cautioned people against imitating the UKs Financial Conduct Authority (FCA). FMA spokesperson “We are concerned that this is a recovery scam using the name of the FCA. We recommend caution when dealing with any individuals claiming to be from authorities offering to help recover money.”

Scammers are using an email address ending with “@fcafinances.com” to contact residents. This email domain does not match with valid FCA addresses that end in “fca.org.uk,” “fcanewsletters.org.uk,” or “fcamails.org.uk.”

The Reserve Bank of New Zealand (RBNZ) believes scammers are intentionally targeting those who have already been victims of financial fraud, as they may be more vulnerable and desperate to recover their lost funds. This fraudulent strategy lends trust to scammers by mimicking an authentic authority.

About FMA

The Financial Markets Authority, or Te Mana Tātai Hokohoko (FMA), regulates New Zealands financial markets. It was established in 2011 as an independent crown entity. FMA's role is to promote and facilitate the development of fair, efficient, and transparent financial markets and to promote the confident and informed participation of businesses, investors, and consumers in the financial markets.

About FCA

The Financial Conduct Authority (FCA) is an independent financial regulator. It is established on 1 April 2013. The FCA aims to maintain honest and fair markets by protecting consumers, financial markets, and competition.

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