This isn't just any bond... it's a fake M&S fixed rate bond: TONY HETHERINGTON

Tony Hetherington is the ace investigator of Financial Mail on Sunday, This is Money's sister title. He specialises in fighting readers corners, revealing the truth that lies behind closed doors and winning victories for those who have been left out-of-pocket. Find out how to contact him below. 

A.T. writes: I am sending you the details of an offer of interest of 7.125 per cent on a Marks & Spencer fixed rate bond as I am just not sure about this. 

Tony Hetherington replies: You smelled a rat – and yes, it's a pretty big one. 

You were told: 'We're delighted to offer you an exclusive opportunity to earn a 7.125 per cent fixed return on your investment with the Marks & Spencer Fixed Rate Bond. Enjoy guaranteed monthly payments with the peace of mind that comes from full protection by the Financial Services Compensation Scheme.'

You were directed to the website marksandspencersaver.com for more information. This asked for your name, email address and phone number, explaining: 'Our investment specialists will be in touch to help you secure a stronger financial future with confidence and ease.'

Anyone who gave their details has received even more reassurance about the safety of their savings, with a fresh email claiming that the entire investment is underwritten by the huge Citigroup Bank. The email adds: 'One of Citigroup's dedicated advisers will reach out to you shortly to discuss your needs and guide you through the next steps.'

Those are explained in an email from accounts@cg-wealth-management.com, accompanied by an application form on what purports to be Citi notepaper, requesting a mass of personal information such as your home address, date of birth, National Insurance number and full bank details.

Yet all of this is a fraud. The fake M&S website was set up on November 1, and the bogus email address for Citi Group followed on November 6. 

M&S did issue bonds paying 7.125 per cent, but in 2007. 

Fraudsters have dressed this up to make the bonds look like a new high-yielding savings account. 

On October 18, the Financial Conduct Authority (FCA) added a warning to its online list of more than 14,000 unlicensed investment firms. 

It told the public to beware of cg-wealth-services.com, which was posing as Citigroup. The FCA announced: 'This is an unauthorised firm that uses the details of a genuine FCA-regulated firm when offering products and services.'

Do business with it, the regulator warned, and you lose the protection of the Financial Ombudsman and the compensation scheme.

Within days the crooks had set up afresh, still posing as Citigroup, with a new website at cg-wealth- management.com. They also changed their phone number from 020 7971 1491, which the FCA revealed, to their new number, which I can reveal is 0203 488 5727.

As I write, the FCA has not yet caught up with the new Citigroup fake. Both the bogus websites were set up through Squarespace, a major international domain provider which protects the privacy of its customers. And the new phone number is equally secretive, using Voice Over Internet Protocol facilities provided by a company outside the UK, so what appears to be a British number can actually be diverted to anywhere in the world.

I did ask the FCA if it had traced the fraudsters, and if it planned any action over their website and phone providers. It did not respond. What is clear, though, is that fraudsters are still running rings round those whose role it is to stop them. Far tougher action is needed. Fraudsters are not romantic Robin Hood figures. They are thieves.

If you believe you are the victim of financial wrongdoing, write to Tony Hetherington at Financial Mail, 9 Derry Street, London W8 5HY or email tony.hetherington@mailonsunday.co.uk. Because of the high volume of enquiries, personal replies cannot be given. Please send only copies of original documents, which we regret cannot be returned.