Zopa clone firm caught by FCA

The firm is not affiliated in any way to peer-to-peer lender Zopa Limited, but confusion could have been caused for consumers who recognise the Zopa brand.

The FCA stated that Zopa Loans Reviews, trading through www.zopaloansreviews.com, has been targeting people in the UK. The site states that its parent company, BH Leaf Network, a US firm, is authorised and regulated by the FCA, and claims that "it is one of the most reputable and leading finance brokerage companies in the UK".

The rise of peer-to-peer lending is likely to cause a spike in unregulated and clone websites, and consumers have been urged to be wary of dealing with unregulated firms.

Mat Gazeley, Head of PR at Zopa, said that he is eager to hear back from the FCA on its action against the site.

Mat said:

“We’re pleased to see that the FCA has issued a warning and is taking action against the firm in question. Consumers looking for loans from Zopa should visit Zopa.com or go through the well-known UK comparison sites.”