The FCA is warning investors about a scam firm pretending to be platform Alliance Trust Savings.
The clone firm has been operating under the name Alliance Trust and is using the same address as the authorised firm.
According to the FCA, it has been using a false website and email.
The FCA warns that scammers are using the details of firms it authorises to try to convince people that they work for a genuine, authorised firm.
The FCA says: “Almost all firms and individuals carrying out financial services activities in the UK have to be authorised or registered by us. This firm is not authorised or registered by us but has been targeting people in the UK, claiming to be an 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. They may use the name of the genuine firm, the ‘firm reference number’ we have given the authorised firm or other details.”