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Mike is an award-winning financial expert and a well-known leader in the financial industry.Having taken two of his previous firms to Chartered Status in the UK and also achieved the prestigious National IFA of the Year Award – Highly Commended.In addition, Mike is a well known Independent Financial Adviser and Money Coach. Qualified to UK Financial Conduct Authority (FCA) standards, a member of the Chartered Insurance Institute, a Founding Fellow of the Institute of Sales Professionals (FF.ISP), a Fellow of the Institute of Directors (FIoD) and featured as a highly qualified Financial Adviser in Which Financial Adviser.

deVere United Kingdom flags up clone scam

Mike CoadydeVere deVere United Kingdom flags up clone scam

deVere United Kingdom flags up clone scam

deVere United Kingdom is filing a second report with the UK financial watchdog, the Financial Conduct Authority (FCA), as it has fallen victim to a cloning scam for a second time this year.

The action comes as a significant number of people, of who we have recently become aware, have been approached by an unauthorised bogus firm, deliberately pretending to be deVere United Kingdom.

It’s not just deVere United Kingdom that has been affected by such a scam – and it’s deeply alarming to see how far these clone firms will go to rake in as much money as they can, riding on the back of legitimate and highly respected financial advisory and investment companies’ professional reputations.  They take on company names and addresses, set up websites and business stationery, and even use names of genuine advisers, amongst other methods, to appear like the reputable business they are attempting to mimic.


Real danger of cloning firms

Victims of these cloning scams could well lose their entire life savings.  The firms are completely unauthorised and unregulated, therefore their customers would not be protected by the Financial Services Compensation Scheme or the Financial Ombudsman Service, or indeed any official watchdog or regulator.

Of course, the genuine financial advisory and wealth management firms can also suffer as a result of these swindlers.  deVere United Kingdom has a first-class reputation in the industry and beyond for exceptional business practice, and scams such as this could make would-be investors anxious, and prevent people from seeking the professional financial advice that could ultimately make the difference of being able to reach their financial goals or not.


Call to action

There are a few simple ways to help evade being hoodwinked by these clone firms, as recommended by the Financial Conduct Authority (FCA):

–       Make sure the firm and financial advisers are properly regulated by checking on the FCA register

–       If you’ve been contacted by a firm, call them back and request references and other company details

–       Double check any given details with Companies House and directory enquiries

–       Ensure the firm is not on the FCA’s list of unauthorised companies

Anyone who believes that they could be a victim of a clone firm should contact the FCA and/or deVere United Kingdom as soon as possible.

deVere United Kingdom can be reached on: 0845 224 0035.

Mike CoadyMike Coady
Mike Coady

Mike is recognised at the forefront of financial planning as a financial advice mentor who demands only the best outcomes for both individuals and businesses he works alongside.

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