TL;DR: Before investing or using a claims firm, check it on the FCA Firm Checker, opened by typing the address yourself, never from a link. Match the firm reference number (FRN) and contact details exactly, because clone firms copy real firms’ names and numbers and change only the phone, email or website. The FCA added 1,655 clone records to its Warning List between January 2020 and December 2025. If details are missing, call the FCA on 0800 111 6768. And the FCA says it would never ask you to transfer money to it or for your PINs or passwords, so "FCA" texts about a data breach are scams.
Step 1: use the Firm Checker properly
The FCA’s guidance is precise:
- "Almost all financial services firms in the UK must be authorised or registered by us." The Firm Checker shows whether a firm is authorised and whether it has permission for the service it’s offering you.
- "Always use the website address above to visit the Firm Checker. Never click on links in emails or on company websites." A fake link can lead to a fake register.
- Check that the FRN and contact details you’ve been given match the Firm Checker.
- If there are no contact details, or the firm says its details are out of date, call the FCA on 0800 111 6768.
Step 2: understand clone firms
The FCA warns that "some firms pretend to be authorised firms." Clone firms copy a real firm’s name, FRN and even its address, and change only the phone number, email or website. A clone passes a lazy check ("yes, that name is on the register!") and fails a careful one.
So always contact the firm using the details on the Firm Checker, never the ones the firm gave you. If the person you’re speaking to resists that, you have your answer.
How common are they?
The FCA’s Freedom of Information response (December 2025) shows clone records added to the Warning List each year:
| Year | Clone alerts added |
|---|---|
| 2020 | 429 |
| 2021 | 385 |
| 2022 | 252 |
| 2023 | 208 |
| 2024 | 248 |
| 2025 (to 8 Dec) | 133 |
That’s 1,655 clone records. The same response shows 3,366 alerts for breaches of financial promotion rules (including crypto) between October 2023 and November 2025.
Step 3: check the Warning List
The FCA Warning List names firms and individuals running scams or operating without authorisation. You can sign up for a daily email of new and updated warnings. If a firm is on it, walk away. If it isn’t, that doesn’t mean it’s safe; new scam firms appear all the time.
Why authorisation matters
For products the FCA doesn’t regulate, the FCA says "you won’t be protected if something goes wrong and you could lose all your money." Dealing with an authorised firm (the real one, not a clone) is what gives you access to complaint routes such as the Financial Ombudsman.
Fake "FCA" messages
Which? flagged a text on 11 May 2026 claiming your details were in a fraud report and your data was "at risk due to a data breach." Callers then asked for your name, bank and balance, and one quoted a 5-digit "reference code" (Which?). The FCA’s position: "We’d never ask you to transfer money to us and we’d never ask for your bank account PINs and passwords."
Variations include "FCA recovery services" offering to get back money you lost to a previous scam. That’s a second scam; see fake recovery scams.
Where this matters most
- investment platforms advertised on social media, including deepfake ads and fake news-article ads;
- pension transfers (pension scams);
- claims firms for car finance compensation;
- anyone cold-calling you about shares, bonds or crypto.
Report it
- Suspicious firms or FCA impersonation: the FCA on 0800 111 6768.
- Scam texts: forward to 7726.
- Lost money, or a scam the FCA doesn’t regulate: Report Fraud (previously Action Fraud) on 0300 123 2040.
A free email exposure check shows if your email is in the breach lists that investment scammers buy.
Frequently Asked Questions
How do I check if a firm is FCA authorised?
Type the FCA Firm Checker address into your browser yourself, search the firm, and check the firm reference number and contact details match what you were given.
What is a clone firm?
A scam that copies a real authorised firm’s name, FRN and address but uses different contact details. The FCA added 1,655 clone records to its Warning List from 2020 to December 2025.
The firm is on the FCA register. Is it safe?
Only if you contact it using the details on the Firm Checker. Clones use real firms’ names and numbers.
Does the FCA ever text or call about a data breach?
The FCA says it would never ask you to transfer money or for your PINs or passwords. Treat such texts as scams and forward them to 7726.
What is the FCA Warning List?
A list of firms and individuals running scams or operating without authorisation. You can sign up for daily email updates.
What is the FCA’s phone number?
0800 111 6768.
Sources
- FCA: Protect yourself from scams
- FCA: Information on FCA Warning List (FOI, Dec 2025)
- Which?: The latest scam alerts (FCA text, 11 May 2026)
- Report Fraud (UK)