The FCA has warned that fraudsters are claiming to use the name TSB try to con investors.

In a twist to the usual clone fraud, the FCA says that the scammers are using details of a genuine EEA-authorised firm in Germany called TSB Wealth Advisory but which has no connection to the ‘cloned’ firm or the UK High Street bank TSB.

Fraudsters are using or giving out the following details as part of their “tactics to scam people in the UK”, says the FCA: TSB Wealth Advisory, Address: 53 Lombard Street, London, EC3V 9AA; Bleicherweg 10, 8002 Zürich, Switzerland, Telephone: (020) 3514 3038; +41 435 083 716, website: www.tsb-wealth.com

It appears the website may no longer be online.

The genuine German TSB Wealth Advisory firm, which is legitimate and has no connection with the clone fraudsters, uses these details and is EEA authorised: Firm Name: TSB Wealth Advisory GmbH. Firm Reference Number: 763030

The FCA points out that almost all firms and individuals carrying out financial services activities in the UK have to be authorised or registered by the FCA. The firm is not authorised or registered by the FCA but has been targeting people in the UK, claiming to be an authorised firm.

The FCA says fraudsters usually use cloned firms as a tactic when contacting people out of the blue, so investors should be especially wary when they have been cold called. Fraudsters may use the name of the genuine firm, the 'firm reference number' (FRN) and other details. There is advice about avoiding scams on the FCA website.

The watchdog “strongly advises” investors to deal only with FCA authorised financial firms and to check the Financial Services Register.

It also urges consumers to report suspected clone firms to the FCA. The FCA helpline is 0300 500 0597.