Nine more firms accused of breaking financial advice laws have been named and shamed by consumer watchdog The Financial Conduct Authority (FCA).
The list includes a pension liberation adviser and a bogus investment firm operating behind a cloned web site.
The clone web site is a replica of US takeover giant Kohlberg Kravis Roberts & Co Partners LLP.
KKR is well-known in the mergers and acquisitions market and was involved in the £11 billion de-listing of high street chemist Boots.
The FCA warns a share dealing firm is trying to trick investors into parting with their cash by posing as KKR.
Clone web site to trick investors
KKR has issued a statement confirming that the firm does not offer this service and the web site is a fake set up by fraudsters.
A firm based in Tonbridge, Kent, Release My Pension, is offering pension unlocking and, explains the FCA, appears to have no authorisation to do so despite the web site stating the business is run by ‘FSA registered financial advisers’.
The web site also warns upfront fees are involved in the service.
Other unauthorised firms named by the FCA are:
- The Pension Helpdesk Limited
- Green & Global Limited / Green and Global Administration Limited, Carlisle
- RSI Bank Plc of Irving Street, Rahway, New Jersey NJ 07065
- Braun and Brandt Consulting Firm (New York);
- Solstrand Limited (Glasgow)
- First Fortune Private & Trust Bolton
- Grosvenor Investor Wealth Management, a trading style of Grosvenor FMS Ltd (London).
“Anyone investing with any of these businesses cannot complain to the financial ombudsman if something goes wrong, nor can they apply for redress under the Financial Services Compensation Scheme if they lose money,” said an FCA spokesman.
Checking genuine advisors
For consumers who want to check if a financial or a firm is registered with the FCA, can click here and search the FCA online registers.
Consumers can also call on 0800 111 6768 or +44 20 7066 1000 from overseas.
Every UK financial services firm and adviser must be authorised to conduct business by the FCA.
Bogus firms often try to make their documentation and web sites appear legitimate by copying logos and registration numbers.
Financial firms needing authorisation include those offering banking, investments, mortgages and insurance.
Always advisers for their registration details and check them out with the FCA – some unscrupulous advisers will try to trick consumers with forged paperwork.
