The FCA says fraudsters falsely claiming to be from the watchdog are contacting former clients of collapsed advice firm Active Wealth.
According to a warning published yesterday fraudsters have been offering to assist the individuals to claim compensation for missold pensions and investments.
Active Wealth went into liquidation in February and attracted attention for its role in advising members to transfer out of their final salary schemes at British Steel.
The FCA says it has been made aware that a third party may have provided information about former clients of Active Wealth to another entity.
It adds fraudsters may tell former clients some of their personal information such as their date of birth to give the impression the communication is genuine.
They may also be told they are entitled to a sum of money, and that the FCA needs their bank account details to make the payment.
The regulator says: “While we are investigating this, we want to ensure that consumers are aware of the issue in case they are contacted.”