FCA launches firm checker tool to help consumers avoid scams

The Financial Conduct Authority (FCA) has launched a new tool to help consumers check whether financial services firms are authorised and have permission to sell products and services¹. The tool, called the FCA Firm Checker, sits alongside the existing Financial Services Register, which the FCA says lists all the firms and individuals involved with regulated activities¹.

The FCA states that the Register allows searches by name or reference number, and that results can be narrowed by adding a location¹. It says the new tool is for consumers checking authorisation and permissions, while the Register should still be used to find a firm's full regulatory record, to search for an individual, or to find out whether a firm was previously authorised¹.

The FCA also warns that if someone has been contacted unexpectedly about an opportunity, it is likely to be high risk or a scam¹. It advises checking that a firm's permissions match the service it is providing, and using only the contact details listed on the Register, because many scammers pretend to be a legitimate firm¹. The Register carries a disclaimer stating that the FCA cannot guarantee its accuracy and does not accept liability for errors or missing information¹.

The launch was reported on 17 December 2025 alongside separate FCA reforms to financial guidance, described by Which? as "once-in-a-generation"². Those rules, which the FCA says should come into effect in April 2026, will allow authorised firms to make suggestions to groups of consumers with common characteristics, a form of guidance the FCA calls targeted support². Which? reports that such suggestions will not be based on a full, in-depth individual assessment, and gives examples including a suggested alternative pension contribution rate, a suggested fund offering better value, or a suggested alternative drawdown rate².

Which? reports that just 9% of adults received financial advice about their pensions or investments in the previous 12 months, according to the FCA's latest Financial Lives survey². It also cites VouchedFor figures putting the average cost of advice over five years for an investment worth £250,000 at £13,375 in Wales, £15,995 in the North of England and Scotland, and £16,250 in the rest of England². Which? adds that commission payments were banned in 2012, meaning advisers now rely on client fees².

Why it matters for households

The Firm Checker gives consumers a way to confirm, before dealing with a firm, that it is authorised and holds the permissions needed for the service being offered¹. The FCA's own guidance is that permissions should match the activity, and that contact details taken from the Register should be used to confirm a firm is genuine, since scammers often pose as legitimate businesses¹. The FCA notes that unexpected contact about an opportunity is likely to be high risk or a scam¹.

The targeted support reforms, if they take effect in April 2026, would change the kind of help firms can give to groups of consumers rather than individuals². Which? reports that firms will need to make sure recommendations are suitable and should only offer them where they put consumers in a better position, and that the FCA's Consumer Duty rules require firms to monitor whether their actions cause harm and to take steps to address this, including through compensation where appropriate². Which? also reports concerns raised earlier in the year that targeted support might steer customers towards products that are not the best option for them, and questions over whether people would have the same protections as with full financial advice².

What happens next

The FCA's targeted support rules should come into effect in April 2026, according to Which?². Which? reports that firms able to show they are ready, willing and organised to undertake targeted support will be authorised swiftly after the provisional go-live date in April 2026². The FCA has also told companies to overhaul how they disclose information to customers, which in practice should mean better descriptions on financial products². No further dates for the Firm Checker have been reported¹.

Consumers can read more on how to check a firm is authorised on the Financial Services Register and on consumer protection in UK financial services, including the role of the Financial Conduct Authority and the Financial Services Compensation Scheme.