How can I check a financial firm and protect myself from scams?

Almost all financial services firms in the UK must be authorised or registered by the Financial Conduct Authority (FCA). The FCA Firm Checker shows whether a firm is authorised and has permission for the service it is offering. The Financial Services Register holds more detail, including individuals, and lists firms the FCA knows are operating without authorisation or running scams.

The FCA says to check that the firm reference number (FRN) and contact details you have been given match the Firm Checker, and to use the contact details shown there, because some scammers pretend to be authorised firms. If there are no contact details or they seem out of date, the FCA can be called on 0800 111 6768.

The FCA Warning List shows firms and individuals the FCA has warned about for running scams or operating without authorisation.

The FCA lists scams including cryptoasset investment, forex and online trading, boiler room share and bond scams, early pension release offers, loan fee fraud and “recovery room” scams (which target people who have already lost money, offering to get it back for a fee). Scammers also pretend to be from the FCA; the FCA says it would never ask you to transfer money to it or for your bank PINs or passwords.

Many investment scams involve things the FCA does not regulate, such as wine, whisky, land, forestry or precious metals. If you invest in an unregulated product, you will not be protected if something goes wrong and you could lose all your money.

The FCA’s ScamSmart name has been retired: on 19/01/2026 the FCA removed ScamSmart references from its scams guidance, and the old fca.org.uk/scamsmart address now leads to its “Protect yourself from scams” page. The Firm Checker (added in 2025), the Financial Services Register and the Warning List are the tools it points to.

Possible scams involving financial firms can be reported to the FCA on 0800 111 6768 or through its online form. For anything the FCA does not regulate, or if money has been lost to a scam, the FCA directs people to Report Fraud (previously called Action Fraud) on 0300 123 2040.

Complaints go to the firm first. For most complaints a firm has up to 8 weeks to respond; for complaints about fraud and scams, payment services and electronic money the limit is 15 days. If you are unhappy with the final response, or the firm runs out of time, you can take the complaint to the Financial Ombudsman Service.

The Financial Ombudsman Service is free and set up by Parliament. A complaint normally has to reach it within 6 months of the firm’s final response. For complaints referred from 01/04/2026 about events on or after 01/04/2019, it can award up to £455,000.

The Financial Services Compensation Scheme (FSCS) pays compensation when an authorised firm fails. It protects deposits up to £120,000 per person, per firm (since 01/12/2025), and investments up to £85,000 per person, per firm where the firm failed after 01/04/2019. For investment claims, the FCA or PRA must have authorised the firm and regulated the service it provided.

The FSCS does not compensate for investments that fall in value, and the Firm Checker cannot confirm in advance whether FSCS or Financial Ombudsman protection will apply in a particular case. Even with an authorised firm, capital is at risk when investing: the value of investments can fall as well as rise.