Cold-calling fraudsters are contacting investors claiming they represent global fund management group BlackRock by using the name of a real-life portfolio manager to legitimise their scam.
The Financial Conduct Authority is warning investors of a clone firm calling itself BlackRock Fund Managers.
It is using BlackRock's official website and callers are imitating BlackRock ETF manager Harvey Sidhu.
"Be aware that the scammers may give out other false details or mix these with some correct details of the authorised firm," the regulator warned.
"Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm.
"This is what we call a 'clone firm'; and fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called."
Financial regulators renew anti-pensions scam campaign
Our weekly heads-up for advisers
Permissions regained on 10 August
Also worked at Westpac and Barclays
Auto-enrolment enforcement rises