19 August, AtoZForex.com, Lagos – It was recently reported that the New Zealand financial authorities, the Financial Markets Authority had warned the public about the firm, Tilney Asset Management. According to the FMA, the firm is classified as one which targets New Zealand residents without having the proper authorization or license from regulators to do so. The FMA stated that: “Tilney Asset Management is cold calling New Zealand residents offering financial services for which it is not registered, authorised and/or licenced to provide under New Zealand financial markets legislation”.
In the same vein, the UK authorities have also warned against doing business with Tilney Asset Management, classifying it as a clone. That is a scenario where fraudsters use the details of firms FCA authorized firms to try to convince people that they are a genuine, authorized firm.
As highlighted by the FCA, here are the details below:
Clone firm details
Tilney Asset Management (clone of FCA authorised firm)
Address: Winchester House, 1 Great Winchester Street, London, EC2N 2DB
Telephone: 020 3769 3794
Website: www.tilneyassetmngt.com
Email: contact@tilneyassetmngt.com
FCA authorised firm details
Firm name: Bestinvest (Brokers) Limited
Firm reference number: 165169
Address: 6 Chesterfield Gardens, London, W1J 5BQ
Telephone: 020 7189 9999
Website: www.bestinvest.co.uk
Email: dg_compliance@tilneybestinvest.co.uk
Firm name: Tilney Investment Management
Firm reference number: 124255
Address: Royal Liver Building, Pier Head, Liverpool, Merseyside, L3 1NY
Telephone: 0151 255 3000
Fax: 0151 236 1252
The regulator believes that this organization has been targeting UK customers. Therefore, prompting the decision to add this firm to the infamous list of unauthorized firms and individuals list. The FCA has further stated that if any individual has questions on this matter, an investor should email the regulator’s Consumer Contact Centre at consumer.queries@fca.org.uk, or alternatively by telephone on 0800 111 6768. Overseas callers can contact the FCA at (+44) 20 7066 1000.
The FCA has been highly actively performing its regulatory activities on firms within its jurisdiction, resultantly in an interesting operative year for the FCA in 2014. According to the leading provider of regulatory services Kinetic Partners, it was reported in its 2015 Global Enforcement Review that the accumulated fines of the FCA totals over £1.47bn in 2014.