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Investment manager clone draws FCA warning

An investment manager is the latest company targeted by clone scammers, the FCA has warned.

In a warning notice published on the FCA website, the regulator states “clone firm” TVT Partners/ TVT Investment Management is using the details of FCA-regulated Perspective Capital Management, which trades as Perspective Investments.

The regulator says: “This FCA authorised firm that fraudsters are claiming to work for has no association with the ‘clone firm’. It is authorised to offer, promote or sell services or products in the UK.”

FCA warns of BlackRock clone scam

The regulator says people should be wary in case they are contacted out of the blue because clone firms often use cold-calling tactics.

The warning notice says: “We strongly advise you to only deal with financial firms that are authorised by us, and check the Financial Services Register to ensure they are. It has information on firms and individuals that are, or have been, regulated by us.”

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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