The Financial Conduct Authority (FCA) has launched civil proceedings against individuals it believes have carried on regulated activities without authorisation while purporting to be a private bank.
The FCA discovered a cloned firm was operating under the name Joh. Berenberg, Gossler & Co. KG. This cloned firm has no association with the genuine firm, which is based in Threadneedle Street and is authorised by the FCA. At two hearings on 5 and 11 September, the FCA secured interim injunctions and freezing orders from the High Court in relation to the cloned firm. The effect of the orders prevents those operating the clone from promoting and selling shares pending further investigation by the FCA. The FCA has frozen some money which is believed to derive from consumers who we...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes