The Gibraltar Financial Services Commission (GFSC) is issuing this public warning regarding an entity purporting to be a licensed financial services provider in Gibraltar that passports into several EEA (European Economic Area) jurisdictions.
This appears to be a ‘clone company’, and this suspected clone company purports to offer services surrounding the provision/administration of investments and pensions targeting UK consumers in particular. A clone company may use the name of the genuine company, the company’s registered address, the company’s license number or other details. The genuine registered company engages in and is licensed to provide banking, electronic money, foreign exchange and payment services.
Companies and individuals carrying out financial service activities in or from Gibraltar have to be authorised by the GFSC and, in circumstances where a firm is passporting services from Gibraltar into another EEA jurisdiction, granted permission by the relevant host state regulator(s). Host state regulators will also have a register of firms, corresponding to the home state register, containing information on their permissions to carry on regulated financial services. This suspected clone is not authorised by the GFSC, nor is an application pending for authorisation.
The genuine firm makes it clear that Moneycorp Life and Wealth Investment Management is not in any way associated with the activities of Moneycorp Bank Limited, a company legally registered in Gibraltar.
The genuine firm’s GFSC register entry can be found here.
You can find out more about how to avoid fraud and scams in our consumer guide here.
Suspected Clone Company Details
Firm Name: Moneycorp Life and Wealth Investment Management (suspected clone of a Gibraltar-registered company)
Website: www.mlweu.com, www.mlwgroupeu.com (not those of the registered company)
Be aware that entities falsely purporting to be others may give out other false details or mix these with some correct details of the registered firm. They may change contact details over time to new email addresses, telephone numbers or physical addresses.
Gibraltar-registered company details
The Gibraltar-registered company that this entity is purporting to be has no association with the suspected ‘clone company’.
Firm Name: Moneycorp Bank Limited
Incorporation Number: 113151
Address: 7/b Kings Yard lane, GIBRALTAR, GX11 1AA
How to protect yourself
We strongly advise you to only deal with financial companies that are authorised by us, and check the GFSC Regulated Entities Register to ensure they are. It has information on companies that are, or have been, regulated by us. If a company does not appear on the Register but claims it does, contact the GFSC Enforcement team on +350 200 40283
Report a clone company
Please contact us if you think you have been approached by an unauthorised or clone company, or contacted about a scam.
What to do if your company is cloned
If you think your authorised company has been cloned or scammers are fraudulently using your name or other details, contact the GFSC Enforcement team on +350 200 40283.