Fraudsters based in Belgium have used the Financial Services Authority (FSA) register details of a St James's Place partner to dupe consumers.
The regulator yesterday issued an alert about a firm offering investment advice and brokerage services under the names AW Associates, A Walker Associates and Andrew Walker Associates.
It said this firm had been using the FSA register details of Aberdeen-based Andrew Walker, a St James's Place partner.
The real Andrew Walker told IFAonline he was ‘shocked' when he found out about the cloning of his identity and said he had been told the team behind the scam was operating out of Belgium.
Although he was under the impression the service has been shut down, its website is still running, with visitors told the company is ‘regulated by the Financial Services Authority'.
It still also provides the same FSA registration number as Andrew Walker, an appointed representative of St James's Place, as well as his office address.
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