Cold-calling fraudsters are contacting investors claiming they represent global fund management group BlackRock by using the name of a real-life portfolio manager to legitimise their scam.
The Financial Conduct Authority is warning investors of a clone firm calling itself BlackRock Fund Managers. It is using BlackRock's official website and callers are imitating BlackRock ETF manager Harvey Sidhu. "Be aware that the scammers may give out other false details or mix these with some correct details of the authorised firm," the regulator warned. "Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. "This is what we call a 'clone firm'; and fraudsters usually use this tactic when contacting peop...
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