UK’s FCA Launches ‘Firm Checker’ to Combat Investment Scams

The UK’s Financial Conduct Authority has rolled out a new weapon for investors: the ‘Firm Checker’. The tool lets consumers verify whether a financial services firm is authorised to operate in the UK and whether it has the correct permissions. With around 800,000 people estimated to have fallen prey to scams in 2024, the need for real-time verification has never been higher.

Firm Checker gives users direct access to authorised company information. It flags unauthorised firms, those linked to fraud, and companies attempting to clone legitimate providers. Consumers can check phone numbers, addresses, and permitted services, reducing the risk of falling for fake investment, pension, or loan schemes.

The FCA emphasises that verification alone is not enough. Users should ensure contact details match those listed on the tool. This simple cross-check can prevent victims from inadvertently sending money to scammers posing as trusted firms.

Research shows that while 72 percent of adults ignore unsolicited calls and messages, only 60 percent actively verify communications before sharing personal or financial information. The FCA believes the gap leaves millions vulnerable and is urging everyone to adopt proactive verification as standard practice.

Scammers increasingly exploit digital channels, with 17 percent of authorised push payment fraud arising from social media ads and another 17 percent from phone calls. Text messages, WhatsApp, and messaging apps also account for a growing share of attacks.

Sheree Howard, executive director at the FCA, said the message is clear: whether it’s an investment, pension, or other financial service, always confirm the firm is authorised before acting. Combining tools, caution, and awareness is now the frontline defense against financial crime.