The Financial Conduct Authority has warned consumers about an unauthorised firm falsely claiming to be Premier Group Financial Services.
In a warning statement published today (June 13), the regulator said the clone firm may be providing financial services or products without its authorisation, and consumers should avoid dealing with the clone firm and beware of potential scams.
The firm which has been cloned, Premier Group Financial Services Ltd, comprises four businesses covering mortgages, insurance, wills and investments and is authorised by the FCA.
The company has no association with the clone company which is targeting people in the UK and falsely offering to recover money lost to scammers.
The FCA said clone firms may give incorrect contact details including addresses, telephone numbers and email addresses, which change over time, and urged consumers to check the FCA’s register for the company’s correct details.
The regulator warned that customers of unauthorised clone firms do not have access to the Financial Ombudsman Service if they have a complaint, nor are they protected by the Financial Services Compensation Scheme if things go wrong, making it unlikely that any investment would be returned if the firm went out of business.
Calls to the regulator regarding scams rose 193 per cent in the last five years, according to research published by the FCA earlier this year.
Savers reported £2mn worth of scams to the FCA last year, however the data showed that an increasing number of consumers were spotting signs of a scam.
The research comes as the FCA launches its latest ScamsSmart campaign, which aims to equip investors with the tools to identify and avoid scams.
sally.hickey@ft.com
