Bogus cold calls warning

This notice is issued by the Isle of Man Financial Services Authority (“the Authority”) in accordance with the powers conferred upon it under Section 30 of the Financial Services Act 2008.

Nedbank Private Wealth

The Authority has recently become aware that members of the public are being ‘cold called’ by either SMS message or email with the originator purporting to represent a genuine Isle of Man company, Nedbank Private Wealth Limited and offering to those receiving the calls, various financial services.

Nedbank Private Wealth Limited have placed the following warning on their website

“Beware of scams using Nedbank Private Wealth’s name.

Have you received an email or SMS claiming to be from Nedbank Private Wealth, inviting you to open an account?

Don’t be tricked – Nedbank Private Wealth never contacts members of the public directly, and will never use email to ask you for your bank details or sensitive personal information.

We are aware of scams using our name and those of our staff. These are usually intended to convince you to send money to the scammers, who use our name because it sounds legitimate.

If you are in any doubt about whether an email or SMS in our name is legitimate, please speak to your private banker, or call the telephone numbers on the “Contact us” page of our website,

The Authority wishes to draw attention to the following observations:

There is a genuine Isle of Man incorporated company named Nedbank Private Wealth Limited with its registered office at St Mary’s Court, Hill Street, Douglas, Isle of Man IM1 1EU.  Nedbank Private Wealth Limited are licensed by the Authority to undertake a range of financial services.  As the company indicates in the aforementioned warning, they would never contact members of the public directly.

Those undertaking the potentially fraudulent cold calling have no authority to claim that they in any way represent the genuine Nedbank Private Wealth Limited

Under the circumstances, the Authority is concerned that any person who has been contacted by persons falsely representing Nedbank Private Wealth Limited, may potentially become the victim of fraud or it may be an attempt at gaining personal data from the recipient in order to steal their identity.

General advice on how to avoid becoming a victim to identity theft and advanced fee frauds can be found on the Action Fraud website at and respectively.

Any persons who are already involved in any dealings with the potentially fraudulent cold calling from persons falsely representing Nedbank Private Wealth Limited should consider notifying their local Police, bringing to their attention the contents of this notice.

Anyone with general concerns concerning any individual or company holding themselves out as conducting a regulated activity in or from the Isle of Man without the requisite licence should contact the Enforcement Division at the Authority on +44 1624 689311 or by e-mail to for advice.

Authority Reference:  NR/04/2020