Are investment firms allowed to cold call you?

No. Cold calling to sell you investments is illegal in the UK, and legitimate investment firms do not cold call members of the public¹. The same ban covers pensions: it is illegal to make cold calls about pensions, and genuine pension providers do not cold call individuals³. So if someone rings you out of the blue with an investment opportunity, the call itself is the first warning sign.

Investment scams are not a fringe problem. They were the most common malicious payee fraud type in 2025, with losses of £221.5m, the highest ever recorded⁵. The pattern is consistent: an unexpected call, a promise of high returns with little risk, pressure to act quickly, and a request to move money before you have had time to check the firm⁶.

The good news is that the checks that defeat most of these calls are free and take minutes. This page sets out what the law says, how to spot a scam call, how clone firms work, how to check a firm before you share anything, and what to do if you have already paid.

Legitimate investment firms do not cold call you

The rule is simple and it comes from two directions. Legitimate investment firms do not cold-call members of the public, so an unsolicited call offering an investment is a warning sign in itself¹. On pensions, the law is explicit: a person must not use, or instigate the use of, a public electronic communications service to make unsolicited calls to an individual for the purpose of direct marketing in relation to occupational pension schemes or personal pension schemes².

There are narrow exceptions. Calls are permitted where the caller is an authorised person, or the trustee or manager of an occupational or personal pension scheme, and you have previously told the caller you consent to such calls on that line². Calls are also permitted where you already have an existing client relationship with the caller on the line, the relationship is such that you might reasonably envisage such calls, and you have been given a simple means of refusing the use of your contact details free of charge, at the point your details were first collected and at each later communication².

In practice, that means a firm you already deal with may ring you about your existing arrangements. A stranger ringing to offer you a new investment does not fall within the exceptions, and the firms themselves say so plainly. Fidelity states it will never cold call you offering investment opportunities, and Hargreaves Lansdown says it never cold calls investors offering investment opportunities⁷.

The practical test is not what the caller claims about the law. It is whether you invited the call. If you did not, the offer is not one a legitimate firm would be making.

Warning signs of an investment scam call

An investment opportunity may be a scam if you are contacted unexpectedly, promised high returns with little risk, pressured to act quickly, asked to keep the offer secret, or told to transfer money before you have had time to check the firm independently⁶. Those five behaviours cover most calls, and any one of them is enough to end the conversation.

Other signs reported by banks and guidance services include inaccurate spelling and wording, a sense of urgency to act quickly, being asked for bank details or passwords, being told not to tell anyone, and an unfamiliar email address⁹. Pension-specific warning signs include cold calling, offers of a free pension review, promises of guaranteed returns, and pressure to make a quick decision⁴. Unsolicited investment offers or promises of high returns are a further red flag¹⁰.

Some calls are designed to feel helpful rather than pushy. In a computer takeover scam, the cold caller may offer you a refund or compensation for the inconvenience³. A caller who says they have your details and government backing, and offers pension advice, is likely to be a scam, and the right response is to hang up¹¹.

Clone firms: when the caller uses a real firm's name

The most convincing calls do not invent a firm. They borrow one. In a clone firm scam, scammers pretend to be real, regulated investment firms, copying names, registration numbers and even genuine websites, changing only the phone number, email address or bank details¹⁰. Criminals can clone genuine firms, create fake websites and use convincing documents⁶.

This is why checking a name is not enough on its own. A caller who gives you the name of a firm that genuinely appears on the Financial Conduct Authority's register may still be a fraudster using that firm's identity. The check that matters is whether the contact details the caller has given you match the ones listed for the firm, because that is where the clone diverges¹³.

Voice cloning adds a further layer. Criminals can use AI to clone the voices of celebrities, colleagues in your organisation or even family and friends to convince you to part with your information or money¹⁵. A familiar voice on the line is not proof of identity.

If you want to call a firm back, only call back on a number from your bank statement or the company website, and use a different telephone where possible¹⁶. If you receive a call from someone claiming to be from a trusted organisation, hang up and call them back on a number you know to be correct¹⁷.

How to check a firm before you share details or send money

Check the company on the Financial Conduct Authority's Firm Checker before you share personal details or send money⁶. The register is free and public, and it is the single most useful check available to a consumer.

Two things need to line up. First, the firm itself: search it by name and confirm it is authorised for the activity being discussed. Second, the contact details: check that the phone number, email address and website the caller has given you match those listed on Firm Checker, to avoid scammers pretending to be a real firm¹³. A firm can be genuine while the person calling you is not.

For companies registered in the UK, checking whether the company registration number is clearly stated, so you can look the company up on Companies House, is a further step¹⁸. More generally, always check that the company or organisation contacting you is legitimate by searching for it on Companies House and using the contact details listed there, not the ones provided in the message¹⁹.

If you are dealing with a lender rather than an investment firm, the same register works differently: search the firm by name, select the borrowing money category, and check that the firm is authorised with permission to lend you money on an unsecured basis²⁰.

Why scammers offer gold, wine, diamonds or cryptocurrency

The asset being offered is chosen for a reason: it is hard to value and hard to sell. Common investment scams offer things such as precious gems like diamonds, gold, wine, land abroad, energy and cryptocurrencies such as Bitcoin¹⁰. Fraudsters may offer fake opportunities in shares, funds, crypto, property, gold, carbon credits, wine, art or other high-value goods⁶. Common scams include cryptocurrencies, property, or precious metals²¹.

In each case the underlying investment usually does not exist. Investment scams are where fraudsters offer investments in goods and schemes that do not exist²². The asset name is there to sound plausible and to justify a large transfer.

Scammers also work on trust rather than pressure alone. Criminals may make small initial payments or returns designed to build your trust and persuade you to invest more⁶. An early payout is not evidence that the scheme is real; it is often the mechanism that extracts a larger sum later.

If you have already paid: contact your bank and Report Fraud

Act immediately. As soon as you realise you have fallen victim to a scam, contact your bank to report it²⁴. Contact your bank or payment services provider immediately, contact the police on 101, report the scam to Report Fraud, and keep records of all contact and correspondence between you and the scammer²⁵. Call your bank using the number on the back of your bank card, and report it to Report Fraud, formerly known as Action Fraud²⁶.

If you contact your bank, you may be able to recover money you have lost in unauthorised or unexpected payments²⁷. Recovery is not automatic and depends on the circumstances, but the speed of your report matters. Report the scam to the police at reportfraud.police.uk or by calling 0300 123 2040⁶. Report Fraud was formerly called Action Fraud²⁸.

If you are in immediate danger, call 999; call 101 if you are not in immediate danger and want to report an incident²⁹. You can also report an online scam advert to the Advertising Standards Authority using its website²¹.

Where to get free help

Several organisations help scam victims at no cost. Report Fraud takes reports of scams and gives advice on scams and fraud²¹. The Financial Ombudsman Service handles complaints about pensions and annuities, and about insurance, when a firm has not resolved a complaint to your satisfaction¹³. The Payment Systems Regulator advises contacting Action Fraud to make a report and calling your bank immediately so it can protect your account³¹.

If you are unsure whether a call is genuine, the safest route is to end it and make contact yourself through a number you have looked up independently. That single habit defeats most investment cold calls, because the fraud depends on keeping you on the line.