FCA Exposes Clone Company ‘DMS Investment’ for Using Authorised Firm Details
- The scam uses the address details of a genuine firm to defraud investors more easily.
The Financial Conduct Authority (FCA) Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term), the United Kingdom’s financial regulatory body, today unmasked yet another fraudulent entity, this time bringing to light the Clone Clone A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for Read this Term firm DMS Investment Management, according to an FCA statement.
Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by the FCA.
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The address details of the suspicious clone firm are: 1st Floor Riverside House, 21-23 City Quay, Dublin, which is itself a clone of the authorised firm address. The fraudulent entity can be found under the website www.dmsmanagement.eu.
DMS Investment Management is a common type of fraud known as ‘cloned firms’, which usurp the identity of an existing authorized entity in order to give the appearance of trustworthiness or legitimacy, and thereby to convince investors of its legitimacy.
In this case, the cloned firm embezzled the reference number 658053, which belongs to an established FCA-registered entity operates under the name DMS Investment Management Services (Europe) Limited.
A visit to the cloned firm’s website reveals its attempt to mislead investors that it is offering a legal product and claims to be governed by the FCA. The company made a series of materially false claims to lure investors including that it was founded in 1989 and manages approximately €34.17 billion in assets as of September 1, 2016, as well as having more than 1950 employees working across its offices in the United States, Europe and Asia.
Based on this, the watchdog stated in its official statement that it strongly advises investors to only deal with financial firms that are authorised, and check the Financial Services Register to ensure they are. It also noted that you should be aware that if you give money to an unauthorised firm, you will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.
The Financial Conduct Authority (FCA) Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term), the United Kingdom’s financial regulatory body, today unmasked yet another fraudulent entity, this time bringing to light the Clone Clone A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for Read this Term firm DMS Investment Management, according to an FCA statement.
Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by the FCA.
The FM London Summit is almost here. Register today!
The address details of the suspicious clone firm are: 1st Floor Riverside House, 21-23 City Quay, Dublin, which is itself a clone of the authorised firm address. The fraudulent entity can be found under the website www.dmsmanagement.eu.
DMS Investment Management is a common type of fraud known as ‘cloned firms’, which usurp the identity of an existing authorized entity in order to give the appearance of trustworthiness or legitimacy, and thereby to convince investors of its legitimacy.
In this case, the cloned firm embezzled the reference number 658053, which belongs to an established FCA-registered entity operates under the name DMS Investment Management Services (Europe) Limited.
A visit to the cloned firm’s website reveals its attempt to mislead investors that it is offering a legal product and claims to be governed by the FCA. The company made a series of materially false claims to lure investors including that it was founded in 1989 and manages approximately €34.17 billion in assets as of September 1, 2016, as well as having more than 1950 employees working across its offices in the United States, Europe and Asia.
Based on this, the watchdog stated in its official statement that it strongly advises investors to only deal with financial firms that are authorised, and check the Financial Services Register to ensure they are. It also noted that you should be aware that if you give money to an unauthorised firm, you will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.