The FCA has issued a warning about scammers running a clone of Bestinvest, the well known direct investment and SIPPs firm run by Financial Planner and wealth manager Tilney.

The warning comes amid growing signs that scammers are using clones of investment and advisory firms to target victims.

The FCA said: “Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm.”

Dozens of warnings have been issued this year by the FCA about clone operations, where fake websites are used or where crooks are contacting investors to convince them they work for a cloned firm.

Clone firms often have details very similar to the genuine firm.

Fraudsters have also this week been using fake details to contact former clients of West Midland-based advisory firm, Active Wealth (UK) Limited. The fraudsters have been offering to assist individuals to claim compensation for mis-sold pensions and investments, says the FCA which is investigating.

Defunct Active Wealth (UK) was linked to the British Steel Pension scheme scandal and has a string of compensation claims agains it.

On Bestinvest the FCA warns consumers: “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' (FRN) we have given the authorised firm or other details.”

On Bestinvest fraudsters are using or giving out the following details as part of their tactics to scam people:

Bestinvest (clone of FCA authorised firm)

Address: 96 Kensington High Street, London, W8 4SG

Telephone: +44(0)7933852009

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Website: www.bestinvest.org.uk

The correct details for Bestinvest are:

Firm Name: Bestinvest (Consultants) Ltd

Firm Reference Number: 125308

Address: 6 Chesterfield Gardens, London, W1J 5BQ

Telephone: 02071899999

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Website: www.tilney.co.uk