Another fraudster has been identified by the Financial Conduct Authority using the name of an authorised individual to court business with UK consumers, highlighting a growing trend of using the name of an individual rather than a business to target consumers with unauthorised services.
According to an alert on the FCA’s website, the fraudulent clone is using the name Peter Bradshaw and operating from a Southampton address. The FCA register lists the real Peter Thomas Bradshaw as holding a customer-facing position at UBS.
Fraudsters using the names of individuals rather than whole firms is a trend that began in September, when the FCA warned against fraudsters using the name of another UBS worker, director of equity sales trading Christopher John Dawson.
The following month the FCA warned against clones of authorised IFAs using names rather than firm identities, including William Wright of Aberdeenshire-based Morrice and Wright IFA, and William George Wright of Aylesbury-based Sesame AR Chiltern.
Included in last week’s batch of alerts were warnings against five other firms and individuals who may be targeting UK consumers despite not being authorised to do so:
Primex - UTIP Trader, also known as Primex (London);
Cristian Păuna, operating online;
Paul Atwal, operating online;
Fairtrade Wealth Management (London); and
Board of International Finance (Washington).
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.