UK financial watchdog warns clients of Blackmore Bond scam

Avoid scam

The UK’s regulator, the Financial Conduct Authority (FCA) has recently warned Blackmore Bond investors of fraudsters who are now claiming to be able help them and return money that they have lost.

Blackmore Bond fell into administration back in April 2020, rocking the financial services industry when investors lost £46 million in total in speculative high-risk bonds.

In a recent update, the financial regulator commented that it is currently aware of at least one Blackmore Bond client receiving a communication that falsely claimed to be from Oak Fund Services Limited of Guernsey.

When fearing they are facing a scam, UK investors and savers often look for independent financial advice in Chester, Manchester and other key cities. Independent financial advisors (IFAs) like wealth managers are often called upon for an unbiased opinion when their clients are worried that they have been targeted by fraudsters, or simply when they want a second pair of expert eyes on their portfolio.

The scam letter received by the investors states that Oak Fund Services has had success in accessing CGS Claims funding and requests consumers to urgently contact them.

However, the FCA commented that Oak Fund Services had confirmed that it did not write the letter and that the contents of the communication were misleading and false. The regulator asserted that it is concerned that the letter represents a financial scam and strongly advises consumers receiving a copy of it not to call the number included or reply to the email address offered, but instead to contact Oak Fund Services directly.

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