JadeTrax has been identified as an unauthorised entity contacting consumers while pretending to be an authorised firm, in what the Financial Conduct Authority (FCA) describes as a clone firm scam. The operation involves fraudsters using the name and some details of a genuine, regulated business to mislead potential victims into believing they are dealing with a legitimate financial services provider.
According to the information provided, the scammers are using the following details to target individuals:
- Name: JadeTrax (clone of FCA authorised firm)
- Telephone: +34639053403, +34631120366
- Mobile: +442045494923
- Email: [email protected]
- Website: https://jadetrax.live/
The genuine firm being impersonated is Jade Independent Financial Advisors Limited, which is authorised by the FCA under Firm Reference Number (FRN) 196503 and is based in Wallington, Sutton, UK. The clone operation seeks to exploit the authorised firm’s identity to provide false reassurance to potential investors or clients.
Regulatory status and consumer protection
JadeTrax itself is not authorised by the FCA. Almost all firms and individuals must be authorised or registered by the FCA to carry out or promote financial services in the UK. Engaging with an unauthorised clone firm exposes consumers to significant risks, as these entities operate outside the UK regulatory framework.
Consumers who deal with JadeTrax will not have access to the Financial Ombudsman Service if they wish to complain about the firm’s conduct or services. In addition, they will not be protected by the Financial Services Compensation Scheme (FSCS) if things go wrong, such as in cases of firm failure or certain types of misconduct covered under the scheme.
Use of false and mixed contact details
The information highlights that scammers may supply a range of false details to support their claims, including email addresses, telephone numbers, postal addresses and Firm Reference Numbers. These can be mixed with genuine details of authorised firms to create a convincing but fraudulent profile. The contact information used by JadeTrax may therefore change over time as the fraudsters adapt their approach.
The identification of JadeTrax as a clone of Jade Independent Financial Advisors Limited underscores the importance of independently verifying a firm’s authorisation status before engaging in any financial transaction. Relying solely on contact details or documentation provided by an unsolicited contact can leave consumers exposed to fraud and without recourse to UK regulatory protections.
