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FCA warns of BlackRock clone scam

The FCA has warned of a scam involving a clone firm pretending to be BlackRock.

In a warning notice on its website, the regulator draws attention to BlackRock Crypto Asset Management, which it says is a copycat firm of BlackRock Investment Management (UK).

The warning notice says: “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 FCA says BlackRock Crypto Asset Management is not authorised or registered by it but has been targeting people in the UK, claiming to be an authorised firm.

The FCA regularly post warning notices on its website. Recent firms that have been cloned include Co-op Bank, platform Alliance Trust Savings, and Axa Investment Managers.

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