The Financial Conduct Authority has warned that fraudsters are impersonating Flagstone Investment Management and using the former registered name of an authorised business.
The warning was published on 2 September 2026. The FCA says the clone has been targeting people in the UK while falsely presenting itself as an authorised firm.
The genuine Flagstone businesses have no connection with the organisation identified in the warning.
Verified facts
The FCA describes the operation as a clone firm. This is a scam in which criminals copy the name, regulatory details or other information belonging to a genuine financial business.
The genuine authorised businesses identified by the FCA are Flagstone Group Ltd, FCA reference number 605504, and Flagstone Investment Management Limited, FCA reference number 676754.
The FCA lists flagstoneim.com as the genuine website associated with the authorised businesses.
The regulator says the clone has used several email addresses, but warns that scammers may change their contact details and mix false information with genuine addresses, telephone numbers or FCA reference numbers.
Investors should therefore not assume that a caller is genuine simply because they know a real firm’s name, address or regulatory number.
What protection applies?
People dealing with the clone would not normally have access to the Financial Ombudsman Service if they needed to complain.
They would also not receive Financial Services Compensation Scheme protection merely because the fraudsters copied the identity of an authorised firm.
The FCA says people tricked into sending money to a scam account on or after 7 October 2024 may, in some circumstances, qualify for protections introduced for authorised push-payment fraud. Eligibility depends on how the payment was made and the circumstances of the case.
What investors should do
Do not respond using contact information supplied in an unexpected email, message or telephone call.
- Search for the firm independently using the FCA Firm Checker.
- Confirm that the firm has permission for the service being offered.
- Use the telephone number or website displayed by the FCA.
- Be suspicious of pressure to transfer money quickly.
- Do not rely on an FCA reference number alone.
- Contact your bank immediately if you believe money has been sent to a fraudster.
- Report suspicious approaches to the FCA and Action Fraud.
Apolifina analysis
Clone scams are particularly dangerous because many traditional checks can appear to succeed. The company name may be real, and the regulatory number may lead to a genuine authorised business.
The decisive test is whether the contact details match those published independently by the FCA. Investors should initiate contact through the FCA-listed details rather than replying to whoever approached them.
This warning also demonstrates why searching a company name alone is insufficient. Search results, advertisements and professional-looking websites can all be manipulated.
What remains uncertain
The FCA has not disclosed how many people were approached, whether investors have already lost money, the total amount potentially involved or every identity the fraudsters may use.
The absence of a particular contact detail from the warning does not establish that it is genuine.
Primary sources
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