• Home
  • News
    • People moves
    • Africa
    • Asia
    • Australia
    • Canada
    • Caribbean
    • Domicile
    • Europe
    • Latin America
    • North America
    • Middle East
    • US
    • US
    • UK
  • Products
    • Funds
    • Pensions
    • Platforms
    • Insurance
    • Investments
    • Private Banking
    • Citizenship
    • Taxation
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Directory
  • Video
  • Advertise with us
  • Directory
  • Events
  • European Fund Selector
  • Newsletters
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
  • Advertise with us
  • Directory
  • Events
    • Upcoming events
      event logo
      International Investment Nordic Forum 2021

      International Investment is delighted to announce the 2021 International Investment Nordic Forum which will take place on Tuesday March 9, at 9am (GMT). This curated virtual event will be broadcast live and will feature a series of fund manager interviews and presentations, as well as interviews with some of the Nordic regions top fund selectors.

      • Date: 09 Mar 2021
      • ONLINE, ONLINE
      event logo
      Sustainable Investment Festival 2021

      The Sustainable Investment Festival will run online from 22-25 June and will include thought-provoking presentations from renowned keynote speakers, innovative breakout events and sessions specifically tailored to meet the information needs of fund selectors, financial advisers, pension consultants, trustees and scheme managers.

      • Date: 22 Jun 2021
      • Online, Online
      View all events
  • European Fund Selector
International Investment
International Investment

Sponsored by

Sharing Alpha
  • Home
  • News
  • Products
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Video
  • Cybercrime

Fraudsters target SJP clients in clone scam offering advice

Fraudsters target SJP clients in clone scam offering advice
  • Sophie King
  • Sophie King
  • 05 February 2021
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  

Clone scammers have targeted St. James's Place (SJP) customers by pretending to be a fake bond website and acting as an adviser from the advice giant. 

Professional fixed income investor and campaigner Mark Taber spotted the scam and has reported it to the Financial Conduct Authority (FCA) and SJP.

Related articles

  • FCA issues warning after investment scams cost savers £78m in 2020
  • JFSC secures access to UK funds market ahead of Brexit
  • Isle of Man removed from EU grey list
  • Non-resident investors to benefit from India's abolition of dividend distribution tax

Scammers appeared to be acting as a fake SJP adviser called Richard Thorpe, offering support and guidance relating to bonds with fake website 'Bond Compare'.

Taber became aware of the fraudulent website last year after it targeted customers of other advice firms. He reported the website on 17 November 2020 but, at the time of writing, the website still appeared on Google.

A note on the FCA website from 4 December last year outlined that the regulator was aware of the scam and said it believed Bond Compare was providing financial services or products without authorisation.

I reported https://t.co/7NOSoCzUvM (now being used to phish victims for a @sjpwealth clone scam) to @theFCA on 17 Nov. It was added to an existing warning on 10 Dec missing the tel no being used. The site is still up today.https://t.co/DBT9bragNU

— Mark Taber (@MarkTaber_FII) February 3, 2021

An SJP spokesperson told Professional Adviser: "We are aware of the website and have reported it to try to get it taken down.

"We remind people to remain vigilant to the risk of fraudulent activity and make sure they are dealing with a genuine FCA registered firm before making any investment."

Scams, scams and more scams

In January, Professional Adviser reported on data from Action Fraud that revealed clone fraud victims lost £78m to scammers in 2020, with reports to authorities rocketing during the first national lockdown.

On average people lost more than £45,000 to online fraudsters. The data also showed that reports of cloned firms increased by nearly 39% from April to March last year as scammers took advantage of fears related to the first Covid-19 lockdown.

Speaking at a Work and Pensions Committee meeting, pensions minister Guy Opperman said tech giants such as Google and Facebook should "take a long hard look at themselves" over online advertising paid by financial fraudsters.

He said the online platforms needed to "change their ways" and help stamp out pension scams. "Google need to take along hard look at themselves and change their ways.

"We have reached a situation where the number one provider of information is not a newspaper or an encyclopedia it is Google quite clearly and to a lesser extent Facebook."

The FCA declined to comment. 

(First published by our sister title Professional Adviser)

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Cybercrime
  • FCA
  • scams
  • Google scams
  • SJP

More on Cybercrime

Book tells how Dubai investor won legal battle against rogue advisers

  • Cybercrime
  • 08 February 2021
FCA secures interim restitution order against illegal deposit takers

  • Cybercrime
  • 03 February 2021
FCA issues warning after investment scams cost savers £78m in 2020

  • Cybercrime
  • 27 January 2021
Comment: How the pandemic has increased the risk for cybersecurity

  • Comment
  • 19 November 2020
Cybersecurity & Data Privacy Webinar available for sign-up

  • Cybercrime
  • 19 November 2020
Back to Top

Most read

HSBC appoints CEO for the Middle East region
HSBC appoints CEO for the Middle East region
People moves: Phoenix Group, Franklin Templeton, TMF Group, AJ Bell, Arete, Just Group
People moves: Phoenix Group, Franklin Templeton, TMF Group, AJ Bell, Arete, Just Group
Nordic Fund Selector of the Year 2021 shortlist announced
Nordic Fund Selector of the Year 2021 shortlist announced
UK Budget: Sunak freezes lifetime allowance for pensions contributions
UK Budget: Sunak freezes lifetime allowance for pensions contributions
Europe's wealth mangers increasingly focusing on Bitcoin: survey
Europe's wealth mangers increasingly focusing on Bitcoin: survey
  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading