A clone firm calling itself Skandia Invest is targeting UK customers, the Financial Conduct Authority has warned.
The clone firm, operating out of a Birmingham address, claims on its website to be authorised by former regulator the Financial Services Authority.
Skandia Invest S.A. is a genuine firm based in Luxembourg and authorised by its home regulator, Commission De Surveillance Du Secteur Financier. It is subject to only limited regulation by the FCA.
It is owned by Old Mutual Wealth, which also owns Skandia UK.
The clone firm’s listed UK telephone number appears not to be connected.
A spokesperson for UK platform provider Skandia said: “We were notified early last week by the FCA of the potential clone ‘Skandia Invest’ website and have taken immediate steps to contact the domain host to have the site taken down.
“We do not believe this is targeted at existing Skandia customers.”
The clone is among several unauthorised firms warned against by the FCA last week.
Other unauthorised firms include:
• Strategic Private Equity LLC (New York);
• Stonehill Securities (operating online);
• eKash UK Limited (London);
• British Greatfount Capital, also known as GF Capital (London);
• Nationwide Property Buyers Limited (Cleveland);
• Global Corporate Partners (New York);
• Tolland and Boch Limited;
• Wellz Zable Limited;
• First Asset Management Limited (London);
• Protect Life Insurance (Manchester and Lancashire).
Investors who do business with unauthorised firms will not have recourse to the Financial Services Compensation Scheme or Financial Ombudsman Service should things turn sour.
