Alan Sugar’s former right hand man on hit TV show the Apprentice is warning of the dangers of investment scammers embedding themselves into people’s lives.

Nick Hewer, who was a key figure on the BBC programme until the last series, is supporting a new FCA campaign.

He warned over the lengths that “callous and criminal investment scammers will go to cheat people out of their money”.

Officials said the sustained period of low interest rates has led to over 55s adopting riskier investment behaviour in a bid to get a better rate of return. An FCA ScamSmart campaign study revealed 41% of respondents had moved money out of savings into investments.

Of those questioned, over a quarter (26%) chose to invest in unregulated investment products and 23% said they were considering investing in unfamiliar types of investments in the future. Over a quarter (27%) of those who have fallen victim to investment fraud did so having bought an unregulated product through an unauthorised firm.

Despite the risks, 48% of those investing in unregulated products through unauthorised firms did so without getting professional advice or checking publicly available investor information, such as the FCA’s Warning List.

Mr Hewer said: “We should all be outraged at the lengths that callous and criminal investment scammers will go to cheat people out of their money.

“Scammers are embedding themselves into people’s lives and pretending to be close friends of their targets, frequently the elderly and those living alone, before draining their life savings on a false promise of great returns through bogus investments.”

Previous FCA research found that those over 65 with savings in excess of £10,000 were three and a half times more likely to fall victim to investment fraud, compared with the wider population.

Three in ten retirees reported being contacted by a firm offering investments in the last 12 months with 37% being contacted as many as three times.

Mr Hewer said: “The tactics that these criminals use are very, very sophisticated; they could suck in even the savviest of investors, something that everyone should be aware of.”

He said: “I too have been targeted by unsolicited calls from scammers and would advise that if you ever receive a call offering you the investment of a life time, just put the phone down, as I did. Go by the rule that if it sounds too good to be true, then it probably is.

“If the investment was that good, everyone would be investing; if you are still in two minds, go to the FCA website and check the Warning List. My best advice: when you receive a cold call – just put the phone down.”