Friday, 08 February 2019 10:41

FCA warns over unauthorised ‘scam’ wealth manager

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The 'scam' firm's website The 'scam' firm's website

The FCA has issued a warning over a “scam” wealth management firm, which it says, is operating without authorisation.

On its website the rogue firm, RB Wealth, claims to operate from Cambridge and Malta and offer investments and other services.

But a statement from the FCA read: “We believe this firm has been providing financial services or products in the UK without our authorisation.”

The regulator urged consumers to be “especially wary of dealing with this unauthorised firm.”

 

On the company’s website one of the questions and answers, on the ‘FAQ’ section, read: “Are my funds secure?

“We use a variety of U.K based SPV accounts.

“SPV stands for special purpose vehicle, it is essentially a secure account that facilitates client investments.”

The FCA warning added: “Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by us.

“However, some firms act without our authorisation and some knowingly run investment scams. 

“This firm is not authorised by us and is targeting people in the UK.

“Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.”

The firm’s details are:

RB Wealth

Telephone: 01223 631 383

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.; This email address is being protected from spambots. You need JavaScript enabled to view it.; This email address is being protected from spambots. You need JavaScript enabled to view it.

Website: http://rb-wealth.com

The regulator was keen to point out that the company has no connection with a legitimate business with a similar name.

It said: “Please note: this scam firm is in no way affiliated with RB Wealth Management Ltd (Companies House: 08808648).”

 

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Last modified on Friday, 08 February 2019 10:53
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