Scammers Are Impersonating the FCA — Here's How to Check Any Firm Is Real Before You Hand Over Money

Police forces have issued fresh warnings this month about fraudsters posing as the Financial Conduct Authority itself, after reports of scammers impersonating the regulator to convince people to hand over money or personal details, according to Yahoo News UK. It's a reminder that the organisation meant to protect you from financial fraud is now, ironically, one of the identities fraudsters most want to steal.

What the scam looks like

Fraudsters contacting people while claiming to be the FCA typically ask for personal information — passports, payslips, bank details, or online banking passwords — and may falsely claim the victim owes money, is due a payment, or needs to move savings into a "safe" account, per the police warning. This last tactic, sometimes called a "safe account scam," is a classic pressure technique: it creates urgency and bypasses the victim's normal scepticism by invoking a trusted authority.

The real FCA will never ask for your banking passwords or instruct you to transfer money to "protect" it. Genuine regulators don't operate that way, and any message claiming otherwise should be treated as fraudulent.

The wider picture

This isn't a one-off. The FCA issued 2,329 warnings about unauthorised or potentially scam firms in 2025, up from 2,240 the year before, according to Financial Planning Today. Fraudsters also run "clone firm" scams — copying the name, address and even the firm reference number of a genuine, authorised business to trick people into thinking they're dealing with the real thing, as the FCA's own clone firms guidance explains.

Checklist: verify before you pay

1. Never act on unsolicited contact. If someone calls, emails or texts claiming to be the FCA, a bank, or an investment firm out of the blue, don't provide details or make a payment on that call.
2. Use the FCA Firm Checker independently. Search the firm's name yourself on the FCA Firm Checker — don't use a link or number the caller gave you.
3. Cross-check the Firm Reference Number (FRN). Confirm the FRN and contact details you've been given match exactly what's listed on the Firm Checker.
4. Check the Warning List. Search the FCA Warning List of unauthorised firms for the firm's name before proceeding.
5. Call back on a number you found yourself, not one provided in the suspicious message, if you want to verify with the firm directly.
6. Report it. If you think you've been targeted, report the scam to the FCA online or call 0800 111 6768.
7. Remember the protection gap. If you deal with an unauthorised firm, you won't be covered by the Financial Ombudsman Service or the Financial Services Compensation Scheme if things go wrong — another reason to check first.

Why it matters

Once money leaves your account into a scammer's, recovery rates are low, and the emotional and financial toll of investment fraud is significant. Similar impersonation scams have been flagged by regulators internationally — the SEC in the US and ASIC in Australia both maintain equivalent warning lists and have issued comparable alerts about fraudsters posing as government regulators, so the pattern isn't uniquely British.

Key Numbers

• FCA warnings issued in 2025: 2,329, up from 2,240 in 2024 (Financial Planning Today)
• FCA scam report line: 0800 111 6768

Sources

• Yahoo News UK — Police warn of FCA impersonation scams
• FCA — Protect yourself from scams
• FCA — Warning List of unauthorised firms
• FCA — Clone firms and individuals
• FCA — Report a scam
• Financial Planning Today

Educational content only — not financial advice.