Saturday’s Money Box looked at the issue of fraudsters cloning the websites of financial advisors in order to encourage consumers to make fake investments and then make off with the money.
The programme reported that there have been as many as 50 cases over the last year.
Money Box had been contacted by a firm who had their website cloned by fraudsters running a boiler room scheme selling fake investments.
The firm involved were shocked at the absence of a process for dealing with fraud of this kind.
Chartered Financial Advisor and compliance expert Julian Ellis advised that individuals check the Financial Services Register on the FCA authority website.
To listen to the programme please click here. The section on fraudulent financial advisors is the first item.
