FCA warns UK consumers over sbinvestmentfund clone scam

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FCA warns of sbinvestmentfund scam

Highlights

The FCA has identified sbinvestmentfund.org and sbinvestmentfund.co as unauthorised entities impersonating legitimate firms to offer financial services in the UK.
Consumers dealing with these clone firms lack access to the Financial Ombudsman Service and the Financial Services Compensation Scheme, increasing the risk of unrecoverable losses.
Protections for victims of fraud may apply to payments sent on or after 7 October 2024 under new rules from the Payment Systems Regulator.

Regulator flags clone firm details

As reported by the Financial Conduct Authority, sbinvestmentfund.org and sbinvestmentfund.co are not authorised or registered to provide financial services in the UK, despite contacting people and claiming to be a legitimate firm. The regulator says the operation is a clone firm, a type of scam in which fraudsters copy details from authorised businesses to appear genuine.

The FCA lists the telephone number +442080732077, the email addresses support@sbinvestmentfund.org and boris.deluca@sbinvestmentfund.org, and the website https://sbinvestmentfund.co/ among the details being used. It also says the unauthorised entity previously claimed to be another fund, Sterling Bond Fund, with PRN 816824.

The regulator warns that scammers may mix false details with genuine information from authorised firms and may change contact information over time. In the UK, almost all firms and individuals must be authorised or registered by the FCA to carry out or promote financial services.

Consumer protection risks and next steps

If consumers deal with the firm, they do not have access to the Financial Ombudsman Service for complaints and are not protected by the Financial Services Compensation Scheme if things go wrong. That raises the risk that money cannot be recovered if the firm fails or if the transaction is part of a fraud.

The FCA adds that people who sent money to a fraudster on or after 7 October 2024 may be covered by protections introduced by the Payment Systems Regulator. It advises consumers to check whether a financial business is authorised before investing or sending money, including by using the FCA Firm Checker to confirm the firm has permission to provide the services being offered.

Our earlier article on the FCA’s High Court-backed intervention against Euro Exchange Securities UK Ltd explained how the regulator moved to appoint special administrators after ordering the London payments firm to stop trading. It highlighted the FCA’s concerns over financial crime controls, including money laundering risks, and the focus on freezing funds and returning client money as quickly as possible.

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