21 July, AtoZForex.com, Lagos – The Financial Conduct Authority has discovered another fraudulent scheme, adding a new firm to the FCA Blacklist. This time, the pick is Switzerland’s largest bank, UBS. The clone firm which operates via the website www.ubs-pb.com, also operates under the name UBS Wealth Management. This is an obvious attempt at defrauding unsuspecting individuals. Other tactics used by these firms include cold calling clients and mass emails sent out to individuals in an attempt to extract money or information. In some cases, such clone firms mix real information from the original company with fake information.
The counterfeit firm (UBS Global Wealth Management Funds Ltd) uses various websites similar to the original in a bid to carry out its scam operations. The FCA has highlighted the details of both the original and the clone firm for clarification.
|Firm name: UBS AG
Firm reference number: 186958
Address: 1 Finsbury Avenue, London, EC2M 2PP Telephone: 020 7567 8000
|Boiler Room Name: UBS Wealth Management/ UBS Global Wealth Management (clone of FCA authorised firm)
Address: 21 Lombard Street, London EC3V 9AH (cloning FCA authorised firm’s address)
The firm, UBS Wealth Management is NOT authorised under the Financial Services and Markets Act 2000 (“FSMA”) to carry on a regulated activity in the United Kingdom. Regulated activities include, amongst other things, advising on investments and dealing and arranging deals in investments ("investments" include stocks and shares), as stated by the regulators.
A few days back, the financial watchdog also uncovered an Augustine FX clone, purported to be legit by falsely using the details of a genuine, authorised firm. The original firm, Augustine limited is an independent, fee based, Financial Planning business, authorized and regulated by the Financial Conduct Authority. They provide a cost effective and efficient solutions tailored to meet the complex financial planning. Augustine is authorised to offer, promote or sell services or product in the UK. The clone firm uses the same address as the original firm, which is:
Address: 5th Floor, Minories House, 2-5 Minories, London, EC3N 1BJ (clone of registered firm address)
The clone firm also uses the website:
The FCA has therefore cautioned that individuals should not deal with such a firm.