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MetaAshes
Critical risk Clone firms

Clone firms advertising high fixed-rate bonds and savings products

Fraudsters are impersonating genuine FCA-authorised firms to sell fixed-rate bonds, ISAs and savings accounts that do not exist, using the real firm's name and reference number.

How the scam works

  1. 01

    An advertisement, comparison-style website or social media post offers a fixed rate noticeably above what high-street providers pay.

  2. 02

    Enquirers receive a brochure, application form and follow-up call that carry the name, logo and Firm Reference Number of a genuine authorised firm.

  3. 03

    Because the name and reference number check out on the FCA Register, the investor is reassured and transfers their savings.

  4. 04

    The money goes to an account controlled by the fraudsters. The genuine firm has no record of the investor, and the contact details stop responding.

Warning signs

  • A return well above the best rates available from established providers.
  • Contact by mobile telephone number, messaging app or a web-based email address.
  • A website or email domain that differs, even slightly, from the one on the FCA Register.
  • A request to pay into an account whose name does not match the firm.
  • Pressure to invest quickly to secure a limited allocation or rate.

How MetaAshes helps you check

A MetaAshes assessment examines the details a firm has given you against the official record. For this type of fraud, the most relevant checks include:

  • Ownership of the reference number
  • Official website on record
  • Official telephone number on record
  • Email domain consistency
  • Payee name verification
  • FCA Warning List screening

View all 58 checks

If you have already sent money

  1. Contact your bank immediately and explain that you may have been defrauded.
  2. Report it to Action Fraud on 0300 123 2040.
  3. Report the firm to the Financial Conduct Authority.
  4. Be wary of anyone who later offers to recover your money for a fee.

This alert describes a general type of fraud for information only. It does not refer to any particular firm and is not financial or legal advice.