Vanguard is the latest big-name investment firm to be targeted by scammers in a copycat scheme.
The FCA has released a number of warning notices in recent months alerting consumers to known ‘clone firms’, where fraudsters use the details of a genuine firm to appear credible and obtain customers’ details.
Brands that have were copied in 2017 include Rathbones, BlackRock, Alliance Trust Savings, Rothschild and Wharton Asset Management.
For the Vanguard scheme, the fraudsters are using the same address as the passive house’s UK headquarters in London, and are using the name Vanguard Asset Management. However, their website, www.vanguardassetmanagement.co.uk, and phone numbers are not those used by the genuine, authorised firm.
The FCA says: “This firm is not authorised or registered by us but has been targeting people in the UK, claiming to be an authorised firm…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 FCA urges firms of consumers who are aware of clone firms to come provide information so warnings can be published and further action taken.