FCA issues warning as scammers create Alliance Trust Savings clone

The City watchdog says that fraudsters are using or giving out a website address – which is not the official ATS website – to scam consumers in the UK.

The FCA warning statement reads: “Almost all firms and individuals carrying out financial services activities in the UK have to be authorised or registered by us. This firm is not authorised or registered by us but has been targeting people in the UK, claiming to be an authorised firm.”

It adds: “This FCA authorised firm that fraudsters are claiming to work for has no association with the ‘clone firm’.”

It goes on to warn that scammers might use tactics such as giving other false details or mix those with some correct details of the registered firm.

It says fraudsters could use the name of the genuine firm, the official ‘firm reference number’ authorised by the FCA or other details.

On its website, the regulator has stated the correct information about ATS and what people need to do when reporting a scam.