The FSA has issued a warning about a Geneva-based firm which may be luring in UK customers who think they are dealing with wealth manager St James's Place.
It says a company operating as St. James Wealth or St James's Wealth Management Group is not authorised under the Financial Services and Markets Act 2000 (FSMA) to carry on a regulated activity in the UK.
The regulator has stressed the firm has "no association whatsoever" with St James's Place Wealth Management Group and reminded consumers they will have no FOS or FSCS coverage if they deal with it.
It has also once again urged investors not to deal with unauthorised firms.
According to its website, St James Wealth offers three main services: private banking, investment banking and asset management.
It says: "Our vision is to become the world's most admired bank, renowned for our expertise in private banking, investment banking and asset management, and most valued for our advice, innovation and execution."
Last year, the FSA warned of a "dramatic increase" in overseas fraudsters selling bogus shares using the names, registration details and addresses of FSA authorised firms and individuals.
It has previously highlighted a firm operating under the ‘Royal London Investment Group' banner, which was not associated with Royal London Asset Management.
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