The Financial Conduct Authority (FCA) has warned that fraudsters are copying the details of Coutts and have contacted individuals while pretending to be the firm.
The regulator said fraudsters under the firm name Coutts Wealth Management have used the false details of legitimate wealth management firm Coutts & Company and have given out false details, including email addresses, telephone numbers, postal addresses and firm reference numbers.
According to the warning posted, the clone firm has used the emails [email protected], and [email protected].
The FCA warned that clone firm Coutts Wealth Management is not authorised, and fraudsters copy the details of authorised firms to "convince people that their firm is genuine".
"Scammers may mix these details with the genuine details of authorised firms," the FCA stated. "Almost all firms and individuals must be authorised by us to carry out or promote financial services in the UK."
The watchdog also cautioned individuals will not have access to the Financial Ombudsman Service (FOS) if they deal with clone firm Coutts Wealth Management.
The FCA urged people to only deal with authorised firms, the status of which they can check using the FCA Firm Checker.
Clone firms are a regular occurrence in the financial services industry. The latest update from the FCA came after it flagged that fraudsters had copied the details of advice network Rosemount Financial Solutions and were targeting individuals.
Prior to that, fraudsters also copied the details of advice firm Wealth Solutions – now Amber River.
Founded in 1692, Coutts is a well-recognised British private bank and wealth manager exclusively catering to high-net-worth individuals, entrepreneurs, and families.
Owned by the NatWest Group, it requires clients to hold at least £3m in investments/savings or maintain £3m in borrowing.
The firm currently acts as the primary banking and wealth management adviser for King Charles III.
