Legal
FCA Secures Injunction Against Berenberg Clone Firm
The UK’s Financial Conduct Authority has launched civil proceeding against a clone firm of Berenberg Bank.
The UK’s Financial Conduct Authority has launched a civil
proceeding against a clone firm of Berenberg Bank.
The FCA said in a
statement that it had secured an injunction and freezing order in
the High Court against clone firm Joh Berenberg, Gossler,
commonly known as Berenberg Bank.
Following two hearings on 5 and 11 September, the FCA secured
interim injunctions and freezing orders preventing the clone from
promoting and selling shares pending further investigation by the
UK financial watchdog.
The FCA has frozen some money which is believed to derive from
consumers who were led to believe they were investing in
shares.
In March, the regulator issued a warning against clone firm
Berenberg Private Banking which was trading under the name
Berenberg Investments.
The cloned firm has no association with the genuine firm which is
based in Threadneedle Street and authorised by the FCA.