The firm is using similar details to the genuine Vanguard Investments firm, one of the biggest US fund managers and increasingly popular with Financial Planners in the UK.
The FCA said: “Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm.
“Almost all firms and individuals carrying out financial services activities in the UK have to be authorised or registered by us. This firm is not authorised or registered by us but has been targeting people in the UK, claiming to be an authorised firm.”
The bogus clone firm is using the name ‘Vanguard Investments’ and the telephone number 0203 287 7693.
The genuine FCA-authorised firm uses these details:
Firm Name: Vanguard Investments UK, Ltd
Firm Reference Number: FRN 494699
Address: 4th Floor, The Walbrook Building, 25 Walbrook, London, EC4N 8AF
Telephone: 0203 753 5600
The FCA says investors and others should be particularly on their guard if cold-called by scammers claiming to be from Vanguard Investments. It says people may be contacted out of the blue and the scammers may use the name of the genuine firm and the FRN (Firm Reference Number) and other details. It’s common for scammers to combine genuine details with bogus ones.
There have been a growing number of clone scams over the past two years.
There is no information from the FCA on whether investors have so far fallen victim to the Vanguard clone firm scammers.
There is information for investors on the FCA website on avoiding scam tactics and how to be protected from clone firms.
One effective tactic is to put down the phone on the scammers if cold called and contact the genuine firm via a different phone line to check if they have tried to get in touch.