Quilter Cheviot  

Fraudsters target investors with cloned firms

Fraudsters target investors with cloned firms

Fraudsters have been impersonating Quilter Cheviot and St James's Place in an attempt to sell investments to potential victims. 

The Financial Conduct Authority warned fraudsters were attempting to dupe members of the public by operating under the name Quilter Cheviot Investment Management - a trading name of the authorised investment manager Quilter Cheviot Limited. 

In a statement on its website Quilter Cheviot Limited, which has no affiliation with the clone firm, warned it had noticed an increase in people impersonating its employees and urged clients to contact their investment manager if they had been approached by someone unfamiliar claiming to be from the company. 

According to the FCA the clone firm has been using the email address enquiries@quilterinvest.com in a tactic the regulator said was used by fraudsters when cold calling victims. 

A Quilter Cheviot spokesperson said: "We have recently been made aware of a case where an organisation is masquerading as Quilter Cheviot and attempting to sell fraudulent investments to members of the public. 

"This incident has been reported to the FCA who is in the process of taking steps to stop this organisation from operating. Our staff have been informed and we have placed a warning on our website.

"We urge any customers who have received a suspicious call or email to either contact their investment manager or speak to the regulator."

Quilter was not the only advice firm to be targeted by fraudsters, with St James's Place also falling victim to an attempted clone. 

A notice on the FCA register warns a clone firm has been operating under the name St Jame's Place in an attempt to convince potential victims they work for the genuine and authorised St. James's Place Wealth Management Plc. 

The regulator said the clone firm, which uses the email info@sjpwim.co.uk, is likely to be part of a scam. 

The FCA said: "It can be easy to fall for an investment scam - the people that run them are skilled at persuading their targets to part with money."

rachel.mortimer@ft.com 

What do you think about the issues raised by this story? Email us on fa.letters@ft.com to let us know.