Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out more about this ‘clone firm’.
Almost all firms and individuals carrying out financial services activities in the UK have to be authorised or registered by us. An appointed representative can act on behalf of another firm (its principal) that is authorised in the UK or regulated in another EEA country. The principal is responsible for the appointed representative's activities. This firm is not authorised or registered by us but has been targeting people in the UK, falsely claiming to be an appointed representative firm.
This is what we call a 'clone firm'; and fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called. They may use the name of the genuine firm, the 'firm reference number' (FRN) we have given the appointed representative firm or other details.
You can find out more about this scam tactic and how to protect yourself from clone firms.
Clone firm details
Fraudsters are using or giving out the following details as part of their tactics to scam people in the UK:
AGM Invest / AGM Group (clone of FCA appointed representative firm)
Address: Swaffham, Norfolk
Telephone: 0121 623 7892
Be aware that the scammers may give out other false details or mix these with some correct details of the appointed representative firm.
FCA appointed representative firm details
This FCA appointed representative firm that fraudsters are claiming to work for has no association with the ‘clone firm’. It can act on behalf of its FCA authorised principal firm and its correct details are:
Firm Name: AGM Financial Services Ltd
Firm Reference Number: 790622
Address: 1 Marschal Court, Stirling, Stirlingshire, FK7 7UY
Telephone: 07724 749 150
Email: [email protected]
How to protect yourself
We strongly advise you to only deal with financial firms that are authorised by us, and check the Financial Services Register to ensure they are. It has information on firms and individuals that are, or have been, regulated by us.
If a firm does not appear on the Register but claims it does, contact our Consumer Helpline on 0800 111 6768.
There are more steps you should take to avoid scams and unauthorised firms.
You should also be aware that if you give money to an unauthorised firm, you will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.
Report a clone firm
What to do if your firm is cloned
If you think your authorised firm has been cloned or scammers are fraudulently using your name or other details, contact our Firm Helpline on 0300 500 0597.