The UK’s Financial Conduct Authority (FCA) recently published alerts regarding two clone firms that were falsely claiming to represent financial services providers based in Britain.
These bogus companies have been using both the names and key details of banking firm Westpac and retail trader Hargreaves Lansdown to fool consumers into investing funds that are now unlikely ever to be returned.
UK citizens offered investment opportunities often rely on expert and unbiased financial advice in Shropshire, Worcestershire and other counties. Wealth management companies offer their clients’ financial protection in the form of insurance policies. However, they can also be depended on to supply an impartial and experienced eye on investment products, spotting scams before financial loss can occur.
The FCA report warned that the clone company disguising itself under the reputation of Hargreaves Lansdown is operating under several different names. It is also falsely claiming the FCA product reference and company number of the legitimate Hargreaves Lansdown PLC, to create an authentic impression on potential investors. The fraudulent operators are contacting investors using email and phone channels, but also through selected websites.
The clone company masquerading as Westpac is taking a similar approach, promoting its financial services via a website landing page. Despite what the fraudulent site’s name suggests, the company does not have any connection with the Westpac Banking Corporation.
The FCA has warned that investments made using these clone companies will not have the protection of the UK’s Financial Services Compensation Scheme.
