FCA launches Firm Checker to fight financial crime

The UK's Financial Conduct Authority (FCA) has launched Firm Checker, a consumer-facing tool designed to help people avoid financial scams by confirming whether a firm is authorised and has the correct permissions to provide the services it is offering. The FCA's message is practical: verifying authorisation—and verifying the firm's contact details against those shown in Firm Checker—can significantly reduce the risk of falling victim to fraud. 

The launch is grounded in the FCA's research on the prevalence of harm. The FCA reports that around 800,000 people reported losing money to investment or pension-related scams in the 12 months to May 2024. In a survey of 17,950 UK adults, 1.5% reported experiencing a pensions-related and/or investments-related (including cryptocurrency) fraud or scam over that period; when extended to the broader population, this equates to roughly 800,000 people. 

The FCA's data also highlights how scams reach consumers. Among those who experienced Authorised Push Payment (APP) fraud or unauthorised investments/pensions-related fraud, the initial exposure was commonly social media promotions (17%) or telephone calls (17%), with 16% first approached via text message, WhatsApp, or another messaging service. These channels can make impersonation and "clone firm" tactics easier, reinforcing the value of checking both authorisation status and genuine contact details before proceeding. 

The FCA notes that many consumers already take precautions—about 72% say they usually or always ignore unsolicited communications about investment or pension opportunities, and 60% say they usually or always verify authenticity before sharing personal or financial information. However, the FCA's framing implies that stronger, routine checks are still needed—particularly before acting on high-stakes decisions involving investments, pensions, loans, or other financial services. 

Importantly, Firm Checker is positioned as an accessible, consumer-tested tool, while the Financial Services Register remains the authoritative record of authorised firms. Using an authorised firm can also provide additional protections, including access to the Financial Ombudsman Service and a higher likelihood of protection through the Financial Services Compensation Scheme. 

Source: FCA launches Firm Checker to fight financial crime | FCA