FCA issues warning over Rothschild clone firm

Handcuffs-700x450.jpgThe FCA has issued a warning to consumers not to deal with a firm using the Rothschild brand to scam people.

Fraudsters are using the name Rothschild Private Wealth, along with the genuine Rothchild’s address, to create a so-called ‘clone firm’ to perpetrate scams, the FCA says in a note published on its website over Christmas.

Rothschild Private Wealth has a different telephone number, however, has no website listed on the FCA’s note and no FCA reference number.

The FCA says: “Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm

“This firm is not authorised or registered by us but has been targeting people in the UK, claiming to be an authorised firm.

“This is what we call a ‘clone firm’; and fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called.”

The firms is the latest in a line of scammers masquerading as popular brands, which have also included BlackRock and Raymond James in the past.

In 2012, then regulator the Financial Services Authority released data showing it received nearly three times as many reports about cloned firms in 2011 compared with the previous year.

In 2011, the FSA got 449 reports about cloned companies compared with 161 in 2010.