Norway FSA Relays Irish Central Bank Warning on Clone Firm Impersonating FPPE Fund plc

Key Takeaways

• The Norway Financial Supervisory Authority has published a warning, originally issued by the Central Bank of Ireland, about an unauthorized "clone" entity using the name FPPE Fund plc.
• Clone firms impersonate legitimate authorized entities to defraud investors, so compliance teams should update screening controls and client-facing warnings.

Deep Dive

The Norway Financial Supervisory Authority has published a warning, originally issued by the Central Bank of Ireland, about an unauthorized "clone" entity using the name FPPE Fund plc. Clone firms impersonate legitimate authorized entities to defraud investors, so compliance teams should update screening controls and client-facing warnings.

A "clone" designation usually means that fraudsters are using the name, registration details, or other identifying information of a genuine authorized firm, or one that closely resembles it, to appear legitimate. The warning indicates that the entity is not authorized by the Central Bank of Ireland and that any dealings with it carry a high risk of fraud and loss of funds. The Norway FSA's republication suggests the activity may be targeting, or may reach, Norwegian or wider European Economic Area investors. The warning creates no new regulatory obligations and sets no deadlines. Its date is 2026-09-16, and it should be treated as current until withdrawn.

Compliance teams should take several steps. First, retrieve the original notice and extract all identifiers, including domains, email addresses, phone numbers, and bank account details. Second, add these to adverse media and sanctions or watchlist screening, transaction monitoring rules, and payment blocklists. Third, review recent customer payments and onboarding records for any links to the entity or its identifiers. Fourth, if links exist, escalate to the MLRO and consider filing a suspicious activity report with the relevant financial intelligence unit (Økokrim in Norway). Finally, alert fraud, customer service, and investment advisory teams, and consider a customer notice advising verification of firms against official regulatory registers.

The risk impact is moderate to high for retail-facing institutions. Exposure includes customers falling victim to investment fraud, the institution being used to move proceeds of fraud, and reputational harm if the clone is mistaken for the genuine entity. There is also due diligence risk for institutions that deal with Irish funds, since staff must distinguish the legitimate FPPE-named entity, if one exists, from the impersonator. Verify counterparties directly through official registers rather than through contact details supplied by the firm.

Source: Norway Financial Supervisory Authority