The Financial Conduct Authority has issued warnings against three investment companies trading in London.
In updates published on its website today (July 30) the regulator warned First Chartered Investments, British Capital Investments and Trading Investments Group are targeting people in the UK without authorisation from the FCA.
The City-watchdog said it held information on the three companies suggesting they are carrying out regulated activities for which they don't have the necessary authorisation.
Trading Investments Group, which is registered to an address in The Leadenhall Building, offers consumers a fixed income returns with an average yield of 30 per cent per annum and specifies on its website that it is "fully authorised and regulated".
British Capital Investments, which advertises itself as a "leading investment firm in the UK", also offers an average yield of 30 per cent per annum and shares an address on Baker Street with First Chartered Investments.
The FCA said the public should be "especially wary" of dealing with these unauthorised firm and urged consumers to protect themselves from scammers.
The regulator said: "If you use an unauthorised firm, you won’t have access to the Financial Ombudsman Service or Financial Services Compensation Scheme so you’re unlikely to get your money back if things go wrong.
"If you use an authorised firm, access to the Financial Ombudsman Service and FSCS protection will depend on the investment you are making and the service the firm is providing."