Fraudsters have been impersonating Schroders Investment Management and JP Morgan Asset Management to target victims in the UK.
The Financial Conduct Authority warned fraudsters were attempting to dupe members of the public by convincing them they worked for the two asset managers.
The regulator said fraudsters operating under the clone name Schroders had no association with the genuine and authorised Schroder Investment Management.
Likewise the FCA warned a clone company has been using the name JP Morgan Asset Management to convince potential victims they work for the genuine and authorised JP Morgan Europe Ltd, J.P. Morgan Investment Management Inc and JPMorgan Asset Management (UK) Limited.
According to the watchdog the clone firms have been using the email addresses email@example.com and firstname.lastname@example.org in a tactic the regulator said was used by fraudsters when cold calling victims.
A spokesperson for Schroders said: "Schroders is aware that its name has been used fraudulently to create a ‘clone firm’.
"This firm is not authorised by or registered with the UK Financial Conduct Authority and has no connection with Schroders.
"The website, email address and telephone number have been blocked and we are working with law enforcement agencies as part of their investigation. We will continue to provide them with our full support."
The FCA warned consumers who use an unauthorised firm will not be able to access compensation from the Financial Ombudsman Service and Financial Services Compensation Scheme and urged any victims who were offered, bought or sold shares to contact the regulator.
What do you think about the issues raised by this story? Email us on email@example.com to let us know.