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FCA warns copycat scammers are cashing in on structured product provider failure

The FCA has warned investors that copycat scammers are claiming to represent the custodian of a failed structured product provider to cheat people out money.

Reyker Securities took on custody and administration responsibilities after Merchant Capital, the structured products arm of Merchant House Group, went into administration in January 2013, leaving £400m in structured product plans in question.

Money Marketing reported earlier this month that, while the Financial Services Compensation Scheme would be able to recompense investors for increased charges, Reyker had sent bills to consumers that far exceeded initial expectations of the costs of taking over Merchant Capital accounts.

Charges hiked after structured product provider collapses

The FCA has now issued a warning that a ‘clone firm’ calling itself Reyker Securities has been operating without authorisation, giving out false details pretending to be the real Reyker.

The FCA writes: “Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm…Be aware that the scammers may give out other false details or mix these with some correct details of the registered firm.”

The regulator has said that the name Nick Rousen is being used by the scammers, and lists the details of the genuine Reyker on its website.

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