Monday, 11 September 2017 17:24

FCA warns on Fisher Investments clone

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The FCA has warned that scammers are cloning the name and details of a well-known investment firm, widely advertised on the internet, to try to cheat investors.

Fisher Investments Institutional Funds PLC is a clone of a fully authorised firm with the same name. The genuine Fisher Investments runs a number of investment businesses and is one of the mostly widely advertised firms on the internet, focusing mainly on consumers and retail investors.

The FCA says that fraudsters are using some of the correct details of the firm to try to convince people that they work for a genuine, authorised firm. Both the genuine firm and cloned firm use an office address in Ireland although clients are targeted in the UK.

The FCA says the 'clone firm’ may be cold-calling investors and may be using the name of the genuine firm, the 'firm reference number' (FRN) of the authorised firm or other details.

Fraudsters are using or giving out the following details as part of their tactics to scam people in the UK: Fisher Investments Institutional Funds PLC (clone of FCA authorised firm). Address: 2nd Floor, Block E, Iveagh Court, Harcourt Road, Dublin 2, Ireland. Telephone: 0203 393 1989. Website: Some of the details are the same as the genuine company.

The FCA says that consumers need to be aware that the scammers may give out other false details or mix these with some correct details of the registered firm.

The watchdog added that the correct details of the genuine firm are: Fisher Investments Institutional Funds PLC. Firm Reference Number: 709824. Address: 2nd Floor, Block E, Iveagh Court, Harcourt Road, Dublin 2, Ireland.

The FCA says that investors need to take stringent steps to ensure they are dealing with the legitimate firm by checking the FCA register and calling the correct number for the legitimate firm listed on the register. Investors must verify they are dealing with a genuine authorised firm. It says if a firm does not appear on the register but claims it does, investors can contact the FCA Consumer Helpline on 0800 111 6768.

Scams involving unauthorised firm are not covered by the Financial Ombudsman Service and the FSCA will not pay compensation.

Last modified on Monday, 11 September 2017 17:31
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