Lancashire-based Financial Planning firm Breaks Wealth Management has become the latest firm to be hit by clone scammers creating a fake replica of the firm’s website.

In a new development, scammers are using fake letters and phone calls to pose as the Financial Conduct Authority (FCA) to target authorised firms and consumers.

Investment adviser Global Markets Group Limited (FRN: 744501) has been cloned by scammers selling high-risk investments.

The number of pension trustees who are encouraging members to take regulated financial advice has increased by 9% over the past year.