Consumers warned on new investment scamUK’s biggest fund manager targeted
09 July 2011
The Financial Services Authority (FSA) is warning consumers to avoid a scam that’s duping people into thinking they're investing in the UK’s largest fund manager, Invesco Perpetual.
A company calling itself ‘Invesco Perpetual – Invesco Asian Precious Metals Fund’ has been contacting potential investors, even though it has nothing to do with the UK giant. The company is not authorised by the FSA, nor does an Asian Precious Metals fund exist.
Unauthorised and unregulated firms
The bogus company has set up a website too, www.invescoperpetualfunds.com, though nothing appears on it. Which? has uncovered that the site is registered in Holland, whereas the real Invesco Perpetual, whose website is www.invescoperpetual.co.uk, is registered in the US.
The FSA stated that consumers need to be aware that if you invest with this fake company, you lose the protection of the Financial Ombudsman Service and the Financial Services Compensation Scheme. The 'cloning' of real investment companies to sell dodgy investments is becoming increasingly prevalent.
The FSA has warned consumers to always check that an investment firm is fully authorised. Meanwhile, Invesco Perpetual stated that the scam was 'a sophisticated attempt at fraudulently acquiring investors' money.'
If you're approached about any investment that you think might be bogus, read our guide to investment rip-offs and scams.
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