The Financial Conduct Authority has commenced civil proceedings over concerns that individuals within an unauthorised firm which it believes is a ‘clone’ of a regulated business may be targeting UK consumers.
It said it had raised an order against individuals purporting to be Joh. Berenberg, Gossler & Co. KG - commonly known as Berenberg Bank - have carried on regulated activities in breach of the Financial Services and Markets Act 2000 by acting without authorisation.
At two hearings on 5 and 11 September 2014, the FCA secured interim injunctions and freezing orders from the High Court following an alert previously issued.
The effect of the orders prevents those operating the clone from promoting and selling shares pending further investigation. The FCA has frozen some money which is believed to derive from consumers who were led to believe they were investing in shares.
In March the regulator issued a warning about fraudsters are using the details of Berenberg Private Banking t/a Berenberg Investments.
This ‘cloned firm’ has no association with the genuine firm which is authorised by the FCA to offer, promote or sell services or products in the UK.
