FCA Issues Warning Against Deutsche PF and Brief Bank AG/Deutsche Asset and Wealth Management Limited

The Financial Conduct Authority has issued a warning against Deutsche PF and Brief Bank AG/Deutsche Asset and Wealth Management Limited. The regulatory authority has also provided the reason behind issuing the warning against the firm claiming to be providing multiple financial opportunities.

The FCA has claimed that the firm has been claiming to be providing investment solutions and wealth management opportunities. For this purpose, the firm is claiming that it is authorized to provide such services. The firm is hiding its true identity and is trying to convince people into thinking it is genuine.

Authorization Requirement for Financial Firms

The FCA has re-iterated all the citizens and investors in the United Kingdom about the operations of financial firms in the country. They have reminded that for any financial firm to operate in the United Kingdom, they need to have a proper authorization.

The authorization is provided by the Financial Conduct Authority and if no authorization is required, the firm is in breach of regulatory framework. Such firms are full of risks and the FCA advises all the UK-based citizens not to interact with such firms.

It is extremely risky for the people to interact with such firms as they can end up scamming them. If people end up losing their funds to such scamming firms, the possibility of retrieving these funds is too low.

FCA Talks about the Firm

The FCA has announced that the particular firm is involved in fraudulent activities. It has covered its true identity using the identity of a legal and authorized firm to gain people’s trust. Simply put, the fraudulent firm has made itself a false clone of a regulated and authorized firm.

The FCA has made it clear that the particular firm is not authorized to provide its services to the UK citizens at all.

The regulatory authority has also referred to the firm as being a “clone firm”. While calling it a clone firm, the FCA has intimated the locals not to fall prey to anyone cold calling them, claiming to be a representative from the firm.

They may also give people the firm reference number (FRN), which may be the FRN for the original and authorized firm. They may do it to gain the trust of the innocent people only to scam them afterwards.

Details Provided by FCA for the Clone Firm

The FCA has also provided the details that belong to or are claimed by the clone (fraudulent) firm.

Starting with the name, the firm has cloned itself as one of the firms that is authorized by the FCA to operate in the Untied Kingdom.

The address that the clone company claims to be located at is Berkeley Square House, Berkeley Square, London, UK. The second address the firm has provided is 20 Fenchurch Street, London. The third address the firm has provided is Gorch-Fock-Wall 1a, Hamburg, Germany.

Like the address, the firm claims it has multiple contact numbers. These numbers include +442080641153, +442039364472, +442080509141, and 02039364472.

The email addresses that the firm has provided on its platform include [email protected], [email protected], [email protected], [email protected], and [email protected].

Warning by the FCA

The FCA has announced that to make information look believable, the fraudsters may mix false information with some correct details. They may also change their physical addresses, telephone numbers, email addresses, and other details from time to time.

Details of the Authorized Firm

The FCA has revealed that the information that the fraudulent firm is using is for an authorized firm. The name of the authorized firm is Deutsche Alternative Asset Management (UK) Limited. The firm reference number is 146000. The address of the firm is 45 Cannon Street, London and its phone number is +442075458000.

Services Offered by the Clone Firm

The clone firm claims that it provides investment solutions and provides support in terms of stock trading and other trading opportunities as well. Furthermore, the firm claims it provides services in the wealth management sector. The firm is claiming to offer all sorts of wealth management plans such as retirement, family, growth, and so many more plans.