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FCA warns consumers on IFA clone

Carmen Reichman
Written By:
Carmen Reichman

The Financial Conduct Authority (FCA) has warned of a fraudster contacting consumers pretending to be an authorised IFA.

In a statement out on Tuesday, the FCA warned a firm operating as Pawlaks Group Asset Management is using one of the registered office addresses of IFA OCM Wealth Management when contacting consumers.

The FCA considers the firm to be a ‘clone’ of the authorised IFA and has warned consumers to be “wary” if they are contacted by the 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,” it said.

“They may use the name of the genuine firm, the ‘firm reference number’ (FRN) we have given the authorised firm or other details.”

Pawlaks pretends to be located at 315 Midsummer Boulevard, Milton Keynes and has stated www.pawlakgroup.com as its website.

The FCA has previously warned of a scam operation pretending to be Devon-based advice firm Investment & Financial Solutions Partnership.

It also found scammers were impersonating advisers from international advice firm deVere and forging the firm’s stationary to dupe clients.