This article is for general information only. It is not financial advice and does not recommend a specific lender or product.

Each week the Financial Conduct Authority (FCA) publishes alerts about firms operating without authorisation and claims-management companies that may be contacting consumers without a proper licence. Because loan-seekers and people exploring investment options are among the most frequently targeted groups, it is worth checking any unfamiliar firm name before handing over personal details or money.

What appeared on the FCA's Warning List this week

Note: The FCA's Warning List is updated continuously, and at the time this article was prepared, individually named entries confirmed as added in the week of 21 May 2026 were not available for independent verification. Rather than publish unverified firm names, this piece has been reframed as an evergreen guide to using the Warning List effectively. To see the current list of flagged firms, visit the Warning List directly at fca.org.uk/consumers/warning-list and search by firm name, phone number, or web address.

In a typical week the Warning List includes:

  • Clone firms, companies using the name, address or registration number of a genuine FCA-authorised firm to appear legitimate.
  • Unauthorised investment promoters, firms cold-calling or emailing about bonds, crypto assets, or high-return investment schemes without FCA authorisation.
  • Unlicensed claims-management companies, operators chasing consumers about PPI, flight compensation or financial mis-selling claims without holding the required FCA claims-management authorisation.

The Warning List database holds thousands of entries. New names are added as intelligence is received; the list is not exhaustive.

What is the difference between the Warning List and ScamSmart?

These are two distinct things that are often confused.

  • The FCA Warning List (fca.org.uk/consumers/warning-list) is the searchable database of specific firms the FCA has flagged as unauthorised or suspected scams. This is the tool to use when checking a firm name, phone number, or website.
  • ScamSmart (fca.org.uk/scamsmart) is an FCA consumer awareness campaign. It provides guidance on how investment and pension scams typically work, what warning signs to look for, and how to protect yourself. It is not itself a searchable database of flagged firms.

Both are free to use and worth consulting, but if you want to check whether a specific firm has been flagged, the Warning List is the right starting point.

Why does this matter?

Dealing with an unauthorised firm means you have no access to the Financial Ombudsman Service and no cover from the Financial Services Compensation Scheme (FSCS) if something goes wrong. With clone firms especially, the money you send often disappears immediately.

Claims-management companies that operate without authorisation may charge upfront fees, pursue claims you did not ask them to, or share your details with third parties. Some consumers have ended up with debts after paying fees for claims that were never submitted.

Who may be affected?

  • Anyone who has received an unexpected call, text, or email about an investment opportunity.
  • Anyone contacted out of the blue about a PPI, bank charge, or financial mis-selling claim, particularly if they did not initiate that contact.
  • Anyone asked to transfer money or pay an upfront fee before a claim has been assessed.

If you are unsure whether a firm is authorised, a useful first step is to check the FCA Register directly at register.fca.org.uk before engaging further.

What happens if you have already sent money?

If you have already sent money to a firm you now suspect is unauthorised, contact your bank immediately and ask them to raise a dispute.

Since October 2024, the Payment Systems Regulator's (PSR) mandatory reimbursement rules for authorised push payment (APP) fraud have been in force. Under these rules, most victims of APP fraud who paid by faster payment or CHAPS are entitled to reimbursement from their payment service provider, up to a limit of £85,000 per claim, provided they did not act with gross negligence. Both the sending bank and the receiving bank share liability for reimbursement. The rules apply to payments made on or after 7 October 2024. For payments made before that date, you may want to ask your bank about its own fraud claims process, as the previous voluntary arrangements may still apply to older cases.

You can find further detail on the PSR's APP fraud reimbursement rules at psr.org.uk.

How do you report a suspected scam?

If you believe you have been approached by an unauthorised firm or have lost money to a scam, it can help to report it through the following channels:

  • Action Fraud (actionfraud.police.uk) is the UK's national reporting centre for fraud and cybercrime. You can report online or by calling 0300 123 2040.
  • The FCA's reporting form is available at fca.org.uk/consumers/report-scam-unauthorised-firm. Reporting to the FCA does not open a personal case, but the information helps the FCA identify patterns and add firms to the Warning List.

Reporting promptly also creates a record that may support any reimbursement claim with your bank.

What to read next

For a longer explanation of how to find and verify regulated financial advice, see the guide to getting financial advice.

Sources

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