FCA warns over scammers pretending to be BlackRock

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The FCA has published a notice warning consumers about dealing with a ‘clone firm’ pretending to be BlackRock.

The regulator says it is aware that fraudsters are using the Blackrock Asset Management name, as well as an old BlackRock web address, as part of their scam tactics.

The warning reads: “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.”

BlackRock Asset Management UK Limited, a previously authorised Blackrock entity, has “no association” with the clone firm, the FCA says.

The FCA said firms should be “especially wary” if they had been cold-called by the firm, because clone firms are usually used when fraudsters are contacting people out of the blue.

Scammers have tried to imitate well-known wealth management funds in the past, including Rothschild, Berenberg and Shawbrook Bank, as well as pretending to be the FCA itself on a number of occasions.

The Financial Ombudsman Service have also previously notified consumers that fraudsters were trying to take payments from them with the promise of handling a complaint under the guise of the FOS.