The Financial Conduct Authority (FCA) has issued a warning about scammers claiming to be from discretionary fund management firm Quilter Cheviot.
The regulatory body said the "clone firm", calling itself Quilter Cheviot Investment Management, had been cold-calling consumers to lure them into paying them.
A Quilter Cheviot spokesperson said it was recently made aware of an organisation "masquerading as Quilter Cheviot and attempting to sell fraudulent investments to members of the public".
"This incident has been reported to the FCA who is in the process of taking steps to stop this organisation from operating," the spokesperson said.
The firm stated on its website that it "recently noticed an increase in people impersonating Quilter Cheviot employees" and urged customers who have received a suspicious call or email to contact their investment manager or the FCA.
According to the regulator, the clone firm was not authorised or registered by the regulator but has been targeting people in the UK, claiming to be an authorised firm.
The regulator said consumers using unauthorised firms would not have access to the Financial Ombudsman Service or the Financial Services Compensation Scheme.
The clone firm advertised its address as Millennium Bridge House, Lambeth Hill, London, EC4V 4AJ, its telephone number as +44 207 193 2846 and email as [email protected].
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More than 4,500 retail investors affected
Paid out £54m in related compensation
Changes to take place by next year