An advisor firm which deals in estate planning has been targeted by scammers who have cloned the authorised firm’s details.

The FCA issued a warning after it found Oakwood Financial Management LLP, based at Bayley House, 22-23 Bayley Lane CV1 5RJ, details had been cloned by fraudsters.

The genuine FCA authorised Oakwood Financial Management LLP was formed in 1996 and claims to be one of the most established firms in Coventry and Warwickshire while providing estate planning and investments.

The clone firm, impersonating Oakwood Financial Management LLP is using all the genuine firm’s details, including the name and address, with the only difference being the mobile number. (07768981514, 07786848402)

The FCA stated: “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.”

“If you think you have been approached by an unauthorised or clone firm, or contacted about a scam, you should contact our Consumer Helpline on 0800 111 6768,”said the Regulator.

“If you were offered, bought or sold shares, you can use our share fraud reporting form.”