On August 25, 2016, the Financial Conduct Authority issued a warning regarding Charles Schwab (cloned firm)

In its notification, the FCA said "We believe fraudsters are using the details of an authorised firm to try to convince people that they are genuine. See how to protect yourself from scammers of this ‘cloned firm’. ".

The FCA went on to note that

We have received reports that fraudsters are using the name or other details of a genuine firm, or the ‘firm reference number’ (FRN) we give to authorised firms, to try to scam people in the UK.

This is what we call a 'cloned firm', and fraudsters are using this tactic to make their claims seem genuine or to suggest they work for an authorised firm.

Cloned firm

The details that scammers are using or giving out to people include:

Charles Schwab (Clone of FCA Authorised Firm)

Address: 3/2, Mörfelder Strasse 113., D-65451 Kelsterbach, Frankfurt, Germany
Tel: 0203 371 85966, 0203 371 8976
Fax: 0208 328 7255

Genuine firm

This genuine firm has no association whatsoever with the ‘cloned firm’. It is authorised to offer, promote or sell financial services or products in the UK:

Charles Schwab UK Limited

FCA Firm Registration Number: 225116
Companies House Number: 04709153
Address: London Investor Centre, 10 King William Street, London, EC4N 7TW

Click here to view the FCA's original notice