View more on these topics

London asset manager targeted in latest clone scam

London-UK-Gherkin-700.jpgScammers are pretending to have offices in London’s famous Gherkin building as part of their attempts to impersonate a genuine asset manager.

The ‘clone’ scam the FCA has highlighted in a website post today involves fraudsters borrowing the name of Wharton Asset Management, which is actually based on Harley Street in London, but forges an email address, phone number, and offices at 30 St Mary Axe, otherwise known as the Gherkin.

The FCA says: “Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm.

“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 has been keen to post similar notes to consumers as a number of asset managers’ reputations have been used by fraudsters to sell suspect investments in recent months.

Others include BlackRock and Rathbones.


Why client journeys need to be easier

The value protection brings in terms of peace of mind far outweighs the cost. But it does not always outweigh inertia. For instance, relevant life policies (when you qualify for them, say, as a shareholding director of an SME) deliver that peace of mind at a tax-reduced cost with tax-free benefits. Tick. As an employer […]

Hall-Dennis-Yellowtail-2013 700 x 450.jpg

Dennis Hall: Fixed fees shift will soon gather pace

I was at a dinner earlier this year discussing the future of adviser businesses, when the person next to me mentioned they had recently transitioned to a flat fee model. “That’s interesting,” I said. The flat fee model is something I struggle with. Conceptually I like the idea, but I have not been able to […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment