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.