Compliance

Compliance Corner - FCA, FINMA

Editorial Staff, 15 June 2018

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

FCA
The UK’s financial watchdog FCA has said fraudsters are using the details of London Investment Management and Viking Investments Global to 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:
London Investment Management (Clone) (clone of FCA authorised firm)
Telephone: +44 330 330 9693
Website: www.londoninvestmentmanagement.co.uk
Be aware that the scammers may give out other false details or mix these with some correct details of the registered firm.

Viking Investments Global / Viking Investors Global (clone of FCA authorised firm)
Address: 130 Jermyn Street, London, UNITED KINGDOM, SW1Y 4UR
Telephone: +44  203 916 0144
Email: info@vikinginvestmentsglobal.com,
info@vikinginvestorsglobal.com,
d.fox@vikinginvestorsglobal.com
Website: http://vikinginvestmentsglobal.com, www.vikinginvestorsglobal.com

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: London Investment Management Limited
Firm Reference Number: 780642
Address: 199 Battersea Bridge Road
London, SW11 3AR, UNITED KINGDOM
Telephone: +44 776 461 6169

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: Viking Global Investors Europe LLP
Firm Reference Number: 457169
Address: 23 Savile Row
London, W1S 2ET, UNITED KINGDOM
Telephone: +44 207 025 1570
Email: legalnotices@vikingglobal.com

FINMA
The Swiss Financial Market Supervisory Authority (FINMA) has concluded enforcement proceedings against Raiffeisen Switzerland, which has private banking segments, in relation to corporate governance issues. 

FINMA has found that the bank’s handling of conflicts of interest was inadequate.

In addition, FINMA found Raiffeisen's board of directors failed to adequately supervise its former chief executive, thereby enabling him, at least potentially, to generate personal financial gain at the bank’s expense. 

Overall, FINMA found that there was a serious breach of supervisory law. 

It has specified measures to improve corporate governance and welcomes the measures already taken by the bank. FINMA will appoint an independent audit agent to monitor the implementation and effectiveness of the measures.

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