The United Kingdom’s Financial Conduct Authority (FCA) today shed light on a clone firm representing itself as Vanguard Asset Management, which is actually a regulated company that provides professional investment services in the financial markets.
The clone has no association whatsoever with the asset manager and is thus involved in fraudulent activity, the watchdog said. The clone company also claims to be licensed by the FCA, using the authorised firm’s FRN and registered address.
Filling the Gap Between Brokers, LPs, and ClientsGo to article >>
As per the press release issued by FCA, the clone firm chose Vanguard Asset Management due to the fact that it has been authorized to operate within the UK.
The copycat company operates through www.vanguardassetmanagement.co.uk and has adopted the address of the original company – 25 Walbrook, London, EC4N 8AF, UK. The FCA warns that this is a typical move for a scam company to gain the trust of unsuspecting clients.
The original firm has been conducting business for several years now and can be found at www.vanguard.co.uk.
If you are an investor, you should be aware that the Financial Ombudsman Service and the Financial Services Compensation Scheme are not available if you deal with an unauthorised company or individual, the FCA said in a statement.