Advisory group deVere Group has warned advisers that another firm has cloned its identity in an attempt to imply it is part of the Group.
A warning was issued by the Financial Conduct Authority earlier this month about the unauthorised firm. The firm has cloned deVere's address and FCA registration number and is using multiple email addresses and phone numbers.
DeVere & Partners UK Limited is an unauthorised and unregulated company targeting UK consumers. It has no association with the legitimate deVere and Partners (UK) Limited.
Nigel Green, deVere Group's chief executive, said potential investors had been visited by the fraudsters and persuaded to invest in counterfeit investments. Some even attempted to impersonate existing financial advisers.
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He said: "It is often said that imitation is the highest form of flattery- but in this instance it can be the most damaging.
"It appears that a new disturbing trend of scams has emerged, with fraudsters counterfeiting the identities of legitimate financial firms and using 'boiler room' tactics to dupe unsuspecting investors out of their hard-earned savings.
"Unfortunately, the deVere Group is one of the companies that is being fraudulently imitated by a clone entity."
Mr Green said such instances of successful firms being targeted were detrimental for the whole industry.
"Naturally, such malpractice is damaging to our enviable reputation, potentially financially detrimental for would-be clients, and could lower confidence and trust in the financial services industry as a whole," he said.

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