The latest compliance issues in wealth management across the UK, Europe, Middle East and Africa.

FCA
The UK’s financial watchdog FCA has said fraudsters are using the details of General Asset Management convince people that they work for a genuine and authorised firm.

The FCA calls them “clone” firms because fraudsters usually use this tactic when contacting people out of the blue. They may use the name of the genuine firm and the firm reference number (FRN) that it has given the authorised firm, but they are not authorised or registered by the FCA.

Here are the details of the “clone" firms:
General Asset Management (clone of FCA authorised firm)
Address: 3 London Bridge Street, UNITED KINGDOM
Telephone: +44  02034883195
Email: info@generalassetsmanagement.com
Website: www.generalassetsmanagement.com
Be aware that the scammers may give out other false details or mix these with some correct details of the registered firm.

Here are the authorised details of the real firms:
This FCA authorised firm that fraudsters are claiming to work for has no association with the "clone firm". It is authorised to offer, promote or sell services or products in the UK and its correct details are:

Firm Name: General Asset Management UK, General Asset Management Leasing
Firm Reference Number: 727742, 727279
Address: Mill Green House
Mill Green Road
Haywards Heath
West Sussex, RH16 1XJ, UNITED KINGDOM
Mill Green House
Mill Green Road
Haywards Heath
West Sussex, RH16 1XJ, UNITED KINGDOM
Telephone: +44 01444446996, +4401444446970
Website: www.gamltd.co.uk
 

Isle of Man
The Isle of Man has granted a new Class 1(3) financial services licence to Investec Bank (Channel Islands) under the Island’s Alternative Banking Regime (ABR).

Investec Bank (Channel Islands) is part of Investec. It will offer general banking and lending services to trust and corporate service providers licenced and regulated in its core offshore jurisdictions, as well as private banking for high net worth individuals and family offices. 

The bank’s representative in the Isle of Man is Mark Beresford, who will be based in offices on Athol Street in the island’s capital, Douglas. 

The Isle of Man Government introduced the ABR in 2016 with the aim of attracting new banks to the island. The promotion of the ABR is managed by the Department for Enterprise.