The UK financial market watchdog, the Financial Conduct Authority (FCA), cautions investors that it has detected one more clone firm, this time posing as Tilney Fund Managers Limited. The legitimate firm provides a wide range of investment services and financial planning.
Market Trading Ideas for May 10-14Go to article >>
The clone firm Tilney Fund Managers (www.tilneyfundmanagers.com) has made its website look genuine and put a domain name similar to the original firm (www.tilney.co.uk). On the website, the clone firm has listed all the services provided by the original firm and claims to have offices in different countries. This is an attempt to mislead investors into thinking that it is the genuine, registered firm.
Investors can check if a firm is genuine or not with little effort. An original firm always mentions its registration number on its website – in this case the firm displays it at the bottom of the website – and if there is no such information, the customer can cross-check with the FCA’s financial services register where every financial firm operating in the UK has to be registered. The clone firm will always try to conceal information about its identity and will always vouch for false information to scam people. The FCA encourages the public to avoid scams and report clone firms.
Recently, we have been reporting many such cases, such as the Admiral Markets clone and the AMC Capital Invest Clone. The FCA strongly advises investors to transact only with firms authorized by it and report all scams and cases of fraud.