Unlicensed firm ‘cloned’ FCA-authorised broker Saffron
The FCA has issued a warning about a fake ‘clone’ broker called Zelomit Insurance.
Clone firms use the details of genuine, FCA-authorised companies, such as their names, addresses or FCA registration numbers, to trick consumers.
Zelomit is a clone of FCA-authorised broker Saffron Insurance Services.
The FCA said that Saffron has no association with the fake firm.
The regulator has issued two previous warnings about clone firms in the insurance industry.
In April 2013 it warned about a clone broker using the names of FCA authorised firms KBP Insurance Service and KBP Financial.
In August 2013 it warned about a fake insurer passing itself off as AXA Isle of Man.