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FCA warns of fraudulent Jupiter clone firm

The FCA has warned consumers that a scam firm has been pretending to be Jupiter Asset Management.

The clone firm, has been operating under the name of “Jupiter Fund Management” but is not related to the real Jupiter.

According to the FCA, fraudsters are using the details to convince people they are an authorised firm.

Jupiter Fund Management is the parent company under which Jupiter AM operates.

The FCA warns that scammers may give out other false details or mix these with correct details of the authorised firm.

On its website the regulator has noted the correct details for Jupiter AM and given instructions on what people need to do when reporting a scam.

The FCA says: “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.”

A number of other fund and wealth management brands have been cloned and reported by the FCA over the part few months, including Rathbones, Liontrust, Amundi, Vanguard and UBS.

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