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Royal London and 7IM latest targets for ‘clone firm’ scammers

Royal London Asset Management and Seven Investment Management have become the latest big name firms to be the target of so-called ‘clone’ scammers.

Fraudsters are pretending to be from both the companies and contacting people in order to trick them out of money, the FCA says in two separate warning notices on its website.

The FCA tells consumers that “fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called.”

The regulator notes that a fake email address is being used by the Royal London copycats – royallondon.loans.dpt@qualityservice.com – as well as a mobile phone number, but scammers can also combine these with genuine details from the registered firm as part of their fraud.

Seven Investment Management LLP is the official name of the well-known investment and platform provider, with scammers using a very similar brand, Seveninvest Management Limited.

The FCA warns “this firm is not authorised or registered by us but has been targeting people in the UK, claiming to be an authorised firm”.

It also set up a copycat website, www.sevenim.org, with a listed address just one door down from 7IM’s real offices in Bishopsgate.

The regulator urges anyone who thinks they have been approached by an unauthorised or clone firm to report it to the FCA.

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