The FCA has warned investors to watch out for cold calls by a so-called clone firm pretending to be Fisher Investments, an authorised company.
The scammers may use its name, its firm reference number (FRN) or other details.
The clone firm, Fisher Investments Institutional Funds, is providing a Dublin address and a website offering income products that pay out up to 7.75 per cent annually.
Investors may mistake it for Fisher Investments UK, a subsidiary of the US investment manager founded by billionaire Kenneth Fisher.
Its website states it places the “highest importance” on treating customers fairly, “not just because it is the right thing to do but also because we know that establishing and maintaining the trust of our customers is crucial to our future success”.
Clone firms target people by trying to be an authorised firms with Janus Capital, Blackrock and Rothschilds all being previous victims.
The FCA recommends checking the Financial Services Register to ensure companies are authorised.