What happened
The UK Financial Conduct Authority (FCA) published a warning on 12 November 2026 that 'First Spear Capital' is a clone firm. The FCA lists the website firstspearcapital.com and the mobile number +447822108074 as details fraudsters are using, plus an email address. It says the firm is not authorised by the FCA and that the genuine authorised firm it copies, Spear Financial Limited, has no connection with it. Dealing with a clone firm means no Financial Ombudsman Service access and no FSCS protection. Source: https://www.fca.org.uk/news/warnings/first-spear-capital-clone-fca-authorised-firm
How the scam works
Unlicensed investment and 'AI trading' sites usually start with a polished sign-up form, a promised high or guaranteed return, and pressure to deposit quickly, often after a call or a message on Telegram. Early small withdrawals may be paid so that you send more. Clone firms copy the name, and sometimes the address or phone number, of a real authorised business. Check the firm on your national regulator's register, and type the official website yourself rather than following a link. A regulator warning or a block order is not a finding that a particular customer lost money; it is a notice that the site is not authorised to offer those services.
If a message, a page or a caller creates urgency about money, a login or a legal threat, pause and check the claim through a contact method you already trust. Keep screenshots, reference numbers and the exact addresses or phone numbers you were given, and tell your bank early if money has already left the account. Official brands and authorised firms named in a lure are not involved unless a primary source says otherwise.
Source
Source: https://www.fca.org.uk/news/warnings/first-spear-capital-clone-fca-authorised-firm
