The Financial Conduct Authority has issued a warning that Grand Guard is not a regulated business but has been contacting people pretending to be an authorised firm. The regulator said Grand Guard and its representative were claiming to work for genuinely authorised and regulated Brighton-based business, Premium Wise Insurance Brokers Ltd.

The FCA said: “Scammers may give out other false details, including email addresses, telephone numbers, postal addresses and firm reference numbers. They may mix these details with the genuine details of authorised firms. They may also change their contact details over time.”

The regulator highlighted the fact that those using unregulated businesses would not have access to the protections afforded by Financial Ombudsman Service or the Financial Services Compensation Scheme.