FCA warns on clone asset management firm

The Financial Conduct Authority (FCA) has warned investors of a new boiler room scam operating under the same name as authorised firm LBV Asset Management.

The regulator issued a statement on its website warning investors to steer clear of the fraudsters, adding they should be "especially wary" when being cold-called. The FCA said: "This is what we call a 'clone firm'; and fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called. "They may use the name of the genuine firm, the firm reference number we have given the authorised firm or other details." LBV's unauthorised clone is operating under the address 55 Old Broad Street and using the website www.lbvfo...