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FCA warns of fraudulent Rathbones clone firm

The FCA has warned consumers a clone firm of Rathbones Investment Management which has been operating under the name of “Rathbones Brothers”.

According to the FCA, fraudsters are using or giving out the details under the name of the UK wealth manager  with a false email, website and phone number.

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

On its website it has stated the right information about Rathbones and what people need to do when reporting a scam.

The FCA 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.

“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 note on Rathbones’ website from 15 September said the firm is supporting a new FCA campaign to help savers identifying fraudsters.

FCA data says there were more than 3,000 reports on investment fraud between 2015 and 2016. Victims lost an average of £32,000 to these scams in the same period.

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