Fraudsters target Punter Southall Wealth in clone scam


Unauthorised business has been appearing to be the actual FCA-authorised financial planning firm, the regulator said. The watchdog also said fraudsters were using or giving false information as part of their tactics to scam people in the UK.

The FCA continued: “Almost all firms and individuals carrying out financial services activities in the UK have to be authorised or registered by us. This firm is not authorised or registered by us but has been targeting people in the UK, claiming to be an authorised firm.

“This is what we call a ‘clone firm’ and fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called. They may use the name of the genuine firm, the ‘firm reference number’ we have given the authorised firm or other details.

The regulator added: “Be aware that scammers may give out other false details or mix these with some correct details of the…

Read more…