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Clone firms aren't authorised or registered, but scammers may try and convince you that they are by using the name and address of a genuine firm, or copying the firm reference number. These fake operations are increasingly common: financial market scams continue to evolve in the form of clone firms, the use of technology to build credibility, and increasingly sophisticated fake platforms.
The most important distinction is this: clone sites often use the name and address of a genuine firm, but different contact information compared to the channels registered with the FCA. That disconnect is deliberate — it ensures that if you call, email or use live chat using the details shown on the clone, you reach the fraudsters, not the real firm.
Checking a firm's name and reference number with the regulator is not enough — you need to match the contact details as well. This is the critical step most investors miss. Simply seeing FCA regulated on a broker's website is not enough — many scam brokers copy real FCA license numbers or pretend to be linked to authorized firms.
Before you deposit, check for these warning signs:
Mismatched contact information. If a website claims to belong to an authorized firm but lists a phone number or email that does not appear on the regulator's register, you should treat it as suspect. Go to the official website (the one listed with the regulator) and contact the firm using those details, or use the contact routes listed for the firm directly on the regulator's page.
Email addresses from free services. Website domain does not match the FCA-listed website — emails come from Gmail, Outlook, or strange domains.
Unsolicited outreach via messaging apps. Broker contacts you first via WhatsApp or Telegram. Genuine brokers do not cold-contact retail investors this way.
Subtle domain name changes. Small spelling differences in the company name or URL are a classic fraud tactic.
The safest way to verify a broker is to reverse the direction of contact. In the UK, for example, that means Action Fraud and the UK FCA's consumer helpline — Action Fraud is the United Kingdom's national reporting center for fraud and cybercrime, operated by the City of London Police on behalf of the government.
Alternatively, use the FCA Firm Checker to find out if a firm is authorised and has permission for the service it's offering you. Always verify FCA license number through the official FCA database. A genuinely FCA-regulated broker must appear on the Financial Services Register with correct details. Never rely on screenshots, logos, or marketing claims.
Inform the regulator whose register was abused and the genuine firm that was cloned. In the UK, the FCA clone warnings explicitly invite consumers to report clone firms so new warnings can be issued and the domains can be added to public lists. You can report suspected scams to Action Fraud or contact the FCA consumer helpline on 0800 111 6768.
A clone firm copies the identity of a genuine, authorised firm to convince people they are dealing with the legitimate business — doing business with one means no access to the Financial Services Compensation Scheme or the Financial Ombudsman Service if things go wrong. Once money is sent to a fraudulent account, recovery is extremely difficult.
The golden rule: never rely on website appearance alone. Verify contact details directly with the regulator's official register before transferring any money.
Analysis, not investment advice.
