The Investment Management Association (IMA) is preparing guidance on investment scams after it emerged that another product provider’s name is being used by fraudsters.
Thames River Capital has joined Fidelity, Octopus Investments, Rathbones, Royal London Asset Management and Schroders in the growing list of fund firms to have their brand names used by scammers.
The IMA says it has discussed the issue with members and is preparing information to help protect investors. (article continues below)
Thames River has warned investors that an illegal website is masquerading as Traditional Funds, the name of the Oeic containing the firm’s sub-funds.
It says: “Traditionalfunds.com is not an official website and if you are contacted by anyone claiming to represent Traditional Funds plc or making reference to traditionalfunds.com, we would ask you to advise Thames River immediately.”
An Financial Services Authority (FSA) alert on the scam says: “If you are an investor, you should be aware that the Financial Ombudsman Service and the Financial Services Compensation Scheme are not available if you deal with an unauthorised company or individual.” It urges investors to check with the FSA register that a company or individual is authorised.
In May the FSA warned that a list of more than 38,000 investors’ contact details was being used by fraudsters.