FCA Warning: Coverfast and TempDrive Operating as Clones of Authorised Firms

The Financial Conduct Authority (FCA) has issued an updated warning regarding Coverfast and TempDrive. These entities are operating as unauthorized clone firms in the United Kingdom, copying the credentials of genuine, authorized companies to deceive consumers. According to the FCA, fraudsters are using the names Coverfast and TempDrive to target the public. They operate through various digital channels and domains, falsely claiming to represent regulated entities without holding any authorization to provide or promote financial services in the UK. The clone operation has used the address Market Street, Oakengates, Telford, TF2 6EL. It has also utilized a wide array of email addresses, including [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], and [email protected]. The FCA identified multiple websites associated with this clone setup: coverfast.co.uk, coverfastinsurance.com, coverfast.io, coverfast.org, coverfast.biz, tempdrive.co, tempdrive.insure, and tempdrive.nl. Scammers frequently adjust their contact details and domain names to evade detection. These fraudulent operations are falsely claiming links to legitimate FCA-authorised entities, specifically Wakam (Firm Reference Number: 517214) and Montgomery Kent Insurance Brokers Limited (Firm Reference Number: 314804). The genuine firms have no affiliation with the clone operation. Engaging with unauthorized clone firms exposes consumers to severe risks. Clients will not have access to the Financial Ombudsman Service or the Financial Services Compensation Scheme (FSCS) should financial losses occur. The regulator strongly advises checking the official FCA register to verify firm details before entering into any financial agreements.