View more on these topics

FCA warns over Alliance Trust Savings clone

Scammers are pretending to be Alliance Trust Savings by using a fake website address

The FCA has warned investors about a clone firm pretending to be authorised business Alliance Trust Savings.

A warning on the FCA website says fraudsters are using or giving out a website address – which is not the official ATS website – to scam consumers in the UK.

It warns that scammers might also give other false details or mix those with some correct details of the registered firm. It says fraudsters could use the name of the genuine firm, the ‘firm reference number’ we have given the authorised firm or other details.

The FCA warning says: “This FCA authorised firm that fraudsters are claiming to work for has no association with the ‘clone firm’.”

On its website, the regulator has stated the correct information about ATS and what people need to do when reporting a scam.

The FCA recommends checking the Financial Services Register to ensure companies are authorised.

The warning says: “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.”

Last month, the regulator warned consumers about a clone of Rathbones Investment Management which was operating under the name of “Rathbones Brothers”.



ATS executive leaves as service woes continue

Alliance Trust Savings chief operating officer Allison Fower has left the business after just eight months with the firm. ATS confirmed Fower left in August. Prior to joining ATS she spent two years as platform and proposition consultant at Prudential. At ATS Fower was responsible for operations, change, IT and proposition. Candid Financial Advice director […]


Aegon and ATS appoint new chairmen

Aegon looked to LV= for its appointment, while ATS hired a former regulator Aegon and Alliance Trust Savings have both appointed new chairmen to oversee the running of their boards. Aegon has appointed Mike Rogers, former chief executive of LV= as its new non-executive chairman. Rogers held this position at LV= for 10 years – […]


FCA fines advice firm for lying to regulator

Firm spent money on flying lessons and jewelry after hiding assets in bankruptcy The FCA has fined a husband and wife financial advice team £50,000 and banned them after the pair tried to lie to the regulator during an interview. Westwood Independent Financial Planners, fronted by John and Colette Chiesa, went bankrupt in 2011 after the […]

Spotlight on charges 700x450.jpg

Vanguard calls for fees warnings on platforms

Vanguard has said warnings about high charges should be carried by platforms, not just by funds. In response to the FCA’s asset management market study in November Vanguard asked the FCA to include a “health warning” in funds’ documents to help investors understand the impact fees have on returns. It said this would be “a […]

A tough start for 2017 consensus trades

By Kacper Brzezniak Every year, starting around November, investment banks (and fund managers) begin to drip out their outlooks for currencies, rates, economies, you name it, for the following year. The consensus has been largely wrong for the past four or five years; those multiple rate hikes never came, the bond market is still alive […]


News and expert analysis straight to your inbox

Sign up


There are 2 comments at the moment, we would love to hear your opinion too.

  1. I almost fell victim to this scam – they rang us and said “We’re about to process your client’s withdrawal – can you confirm their full bank details.” Luckily I realised it couldn’t be genuine, as Alliance Trust would never process a withdrawal.

    Thank you, I’m here all week, try the fish.

  2. If they answer the call in less than 30 minutes then it is a false number & must be a scam. Our record is waiting 59 minutes on hold before someone answers!

Leave a comment