Regulation  

FCA warns over UBS AR ‘clone’ using equity director’s name

Manchester-based fraudsters are using the name of a senior London-based trader at Swiss banking group UBS to pass themselves of as an ‘authorised representative’ of the firm, the Financial Conduct Authority has warned.

The regulator published an alert on its website saying fraudsters using the name and register number of Christopher John Dawson are targeting UK-based consumers with what appear to be regulated services.

Mr Dawson is listed on the FCA register as working at UBS and holding the CF30 controlled function, which relates to advising, arranging or dealing in investments on behalf of customers. He is LinkedIn as the director of equity sales trading at UBS Investment Bank.

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Although he would not confirm his job title, Mr Dawson did tell FTAdviser he first found out about the fraud about one month ago when someone called him to verify his identity.

“The FCA is aware and the police are aware as well. There is someone in Manchester using my details. I had a guy call here asking to speak to me looking to check up on this guy. I have had two or three calls since then and the police have had a couple as well.”

Since the FCA came into power this is the first time it has warned against a “clone” of an individual rather than a firm.

Last week the FCA also warned against a pension unlocking firm doing unauthorised business in the UK.

According to the FCA, a London-based firm calling itself alternatively CashInMyPension.com, James Cockle and Capital Solutions is not authorised but is nevertheless targeting UK customers.

Small print on the CashInMyPension website under the heading “Legal Stuff” acknowledges it is not authorised and says customers will therefore not have recourse to the Financial Ombudsman Service or Financial Services Compensation Scheme.

Other unauthorised firms warned against by the FCA include:

• Tokyo-based Direct Mergers and Acquisitions Incorporated;

• Chicago-based Grand Meridian Private Equity Limited;

• London-based Goldstein Brokers Limited;

• London-based Letson Securities Limited (*But see update on Letson below);

• Zurich-based Sachs Trust;

• London-based Alliance Capital Securities Limited; and

• JP Sterling Associates.

*Update on Letson Securities Limited

As at 19 December 2013, the company is no longer listed on the FCA warnings list of unauthorised firms.