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FCA exposes fake lender
The FCA has issued a strict warning against the use of a fake lender advertising Shariah-compliant loans, after the company falsely claimed to be authorised by the regulator.
The FCA has issued a warning over a clone of One Option Finance Limited, an authorised Shariah-compliant property funder.
The fraudsters, impersonating the firm registered to an address in Lancashire, are believed to be acting fraudulently by targeting UK consumers and brokers with fake secured loans and Islamic buy-to-let property purchase plans.
Claiming FCA endorsement, the fraudsters contact industry brokers using a Yahoo email address or a mobile number, both of which can be found at the bottom of this article.
Speaking in a statement, the Financial Conduct Authority, said: “We believe fraudsters are using the details of an authorised firm to try to convince people that they are genuine.”
The FCA warns that giving any money to an unauthorised or cloned firm will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS).
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