Vigilance is the Watchword when Investing
The Financial Services Authority (FSA) has warned consumers to exercise caution when making potentially bogus investments. The advice follows reports of a scam that is duping people into believing they are investing in Invesco Perpetual, the UK's largest fund manager.
Despite bearing no relation to the real company, the 'cloned' firm, which calls itself 'Invesco Perpetual - Invesco Asian Precious Metals Fund', has been attracting with an intention to deceive many potential investors.
Crucially, the company is not authorised by the FSA, nor does an Asian Precious Metals fund exist. Although a website has been set up claiming to represent Invesco Perpetual, nothing appears on it, whilst the real fund manager is registered in the US and not Holland as stated by the fraudsters.
James Mann, Financial Adviser at Simpson Millar LLP, echoes the Authority's warning. "It's vital to make sure any firm you invest with has FSA authorisation," he says. "Cloning in order to sell dodgy investments is on the increase, and many dubious fraudsters are remarkably resourceful in their methods."
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