Regulation  

FCA warns of BlackRock clone firm

FCA warns of BlackRock clone firm

The Financial Conduct Authority has issued a warning about a company pretending to be BlackRock.

It has issued a warning about Blackrock Asset Management which is not an authorised or registered firm and has been targeting clients in the UK claiming that it actually is.

The FCA has said the company is using a web address which used to belong to BlackRock to conduct their scam.

Article continues after advert

The regulator said: “This is what we call a 'clone firm'; and fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called.

“They may use the name of the genuine firm, the 'firm reference number' we have given the authorised firm or other details.”

The FCA pointed out that there was “no association” between the clone firm and a previously authorised company called BlackRock Asset Management UK Limited.

Previously the FCA has had to contend with clone firms of Chelsea Financial Services, Skipton Building Society and DeVere.

damian.fantato@ft.com