FCA warns over Alliance Trust Savings clone

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The FCA has warned investors about a clone firm pretending to be authorised business Alliance Trust Savings.

A warning on the FCA website says fraudsters are using or giving out a website address – which is not the official ATS website – to scam consumers in the UK.

It warns that scammers might also give other false details or mix those with some correct details of the registered firm. It says fraudsters could use the name of the genuine firm, the ‘firm reference number’ we have given the authorised firm or other details.

The FCA warning says: “This FCA authorised firm that fraudsters are claiming to work for has no association with the ‘clone firm’.”

On its website, the regulator has stated the correct information about ATS and what people need to do when reporting a scam.

The FCA recommends checking the Financial Services Register to ensure companies are authorised.

The warning says: “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.”

Last month, the regulator warned consumers about a clone of Rathbones Investment Management which was operating under the name of “Rathbones Brothers”.