In recent years the Financial Conduct Authority (FCA) has taken major strides in cleaning up and regulating the financial market in the UK
In recent years the Financial Conduct Authority (FCA) has taken major strides in cleaning up and regulating the financial market in the UK. Late last month the FCA issues a warning against what the call a ‘clone firm’: “Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm.”
Clone firms are being reported to the FCA more and more frequently in recent months, highlighting the problems that these fraudsters present. According to the FCA, clone firms have taken not only to providing the name of the FCA approved firm when cold calling consumers, but have now taken to providing details such as the FCA Firm Reference Number (FRN) in an effort to pass off as part of the genuine firm.
Financial advisor Invesco Perpetual is one such FCA authorised and regulated firm which has fallen attack to a clone firm. Invesco Capital Limited, also known as Invesco Investments have set up a clone firm in an effort to convince consumers that they’re part of the Invesco Group. The FCA have warned that they may be providing consumers with the FRN of the genuine authorised firm in order to throw off suspicion. According to the advice which the FCA provide on their website, you should be especially wary if you have been cold called.
Trust Deed Scotland, an FCA approved provider of debt advice for the people of Scotland, takes a keen interest in industry news such as this. A spokesperson for the company commented, saying “It’s concerning seeing these clone firms brought to light because of the dangers they represent. However, it’s always good news when the FCA discovers clone firms such as this one. By identifying them and warning consumers of their fraudulent activities, the entire financial market is a safer place.
“It’s imperative that you only seek financial services from FCA approved and regulated firms in the UK. By using a clone firm you’re taking financial advice from someone who makes money through identity theft. Unregulated firms are unqualified to give the advice they are giving, and are often giving incompetent advice or advice designed to take as much as your money as possible. You should be incredibly wary of any firm operating under a similar name to an FCA approved firm.”
Trust Deed Scotland® Ltd is a leading debt advisory service for Scottish residents. They are 100% owned and operated in Scotland, with a 98% trustpilot rating owing to their free, qualified debt advice. They are able to advise on the suitability of Trust Deeds and a number of alternatives, including The Debt Arrangement Scheme, Debt consolidation and Sequestration.
This press release was distributed by ResponseSource Press Release Wire on behalf of Trust Deed Scotland in the following categories: Personal Finance, Business & Finance, Public Sector, Third Sector & Legal, for more information visit https://pressreleasewire.responsesource.com/about.