Contrary to the general belief that mostly small and medium sized firms are usually the targets of scammers, a recent report from the FCA shows BlackRock Inc., a mega sized investment firm has been a target.
The mega sized investment firm which been a subject of cloning, a practice where fraudstars use similar details such as a similar name or website of a firm to try to defraud unsuspecting clients. This has been a major concern to regulators like the Financial Conduct Authority as the practice has become more popular in recent times.
In this case, the perpetrators of the BlackRock scam have gone as far as using the company’s exact name “BlackRock Advisors (UK) Limited” as well the same address and the same FCA Firm Reference Number (FRN). They have mixed this genuine details with fake information to deceive clients into thinking that they are doing business with a well known and legitimate company.
The legitimate BlackRock has clarified that the authentic FCA regulated firm is authorised to offer, promote or sell services or products in the UK. They have no affiliation with the ‘clone firm’. The details of the real firm is displayed below for further reference:
Firm name: BlackRock Advisors (UK) Limited
Firm reference number: 119186
Address: 12 Throgmorton Avenue, London, UK, EC2N 2DL