The boiler room pretends to be located at the genuine firm’s address, St James Hall, Moore Park Road, SW6 2JS, and uses the web address www.chelseafinancial.org. The real firm’s website is www.chelseafs.co.uk.

The fraudsters are believed to be calling people offering them investment propositions and asking them to send money.

Chelsea has become the latest in a string of clone warnings from the FCA, following an alert about a firm using Hargreaves’ name and the arrest of three suspected fraudsters.

Chelsea Financial issued a statement saying: “It has been brought to our attention that members of the public have been contacted by individuals claiming to be representatives of ‘Chelsea Financial’. We understand that persons are being offered investment propositions and subsequently being asked to send money.

“Chelsea Financial Services knows nothing of ‘Chelsea Financial’ and would like to urge our clients to be vigilant and, if you think you have been approached by these people, please report the incident immediately to the FCA on their consumer helpline: 0800 111 6768.

“We ourselves have spoken to the FCA and asked them to investigate this as a matter of urgency.

“Please rest assured that your investments via Chelsea Financial Services are not at risk in any way.”

The FCA warned investors to be particularly wary when being cold called as scammers often use clone tactics when contacting people out of the blue.