Notably, one of these warnings is about www.citibankinguk.co.uk, a website claiming to be associated with London-headquartered Citibank International and Citibank, NA.

However, following the regulatory warning, the website appears to be suspended.

“We believe fraudsters are using the details of an authorised firm to try to convince people that they are genuine,” the FCA said in a statement.

Another clone operating under the name Cayenne Trust Investment and using a mobile phone contact number, has no association with the legitimate Cayenne Asset Management firm, based in London, the watchdog added.

Finally, the FCA warned against a clone calling itself Pictet Private Wealth Management, which has no association with the FCA-authorised firms Pictet Asset Management and Pictet Investment Company, both based in London.

In addition to this, the regulator also warned against five firms marketing themselves to UK investors despite not being authorised to do so. These include Ellis Harper and Company; the Hanover Group; Martin Donnelly; Harold and Bauman; and the Brewer Consulting Group.

Here, investors should be aware that doing business with unauthorised firms will not have recourse to the Financial Ombudsman Service or Financial Services Compensation Scheme.