Clone Firm Investment Scam UK: Check Before You Invest
A genuine investment firm's details will match the FCA's own Register — a clone firm's contact details won't survive that check.
What a clone firm investment scam looks like
This scam is contact from someone using the name, and sometimes the reference number, of a real FCA-authorised investment or wealth-management firm — but who isn't actually part of it. An example of the style: I'm calling from [a real, well-known wealth-management firm] about a new bond opportunity — I can email you our details to confirm. The firm name is genuine; the person contacting you isn't.
Why clone firms are so convincing
Clone firms use a real firm's name and firm reference number, sometimes copying its actual website with only the contact phone number changed. Some will even tell you that the contact details listed on the FCA's own Register or Firm Checker are "out of date" — specifically to persuade you to use their fake number instead of checking independently.
Signs you might be dealing with a clone firm
- You're contacted unsolicited about investing, rather than approaching a firm yourself.
- You're pressured to act quickly, with limited time to check anything.
- The contact details you're given don't match what you find independently on the FCA Register.
- You're told the firm's listed details are "out of date" and to use different contact information instead.
- You're offered bonds, shares, wealth-management products, or an ISA with unrealistic guaranteed returns.
How the scam works step by step
First, you're contacted using the name of a real, FCA-authorised firm, sometimes with a copied version of its actual website. Second, you're given contact details that are subtly different from the genuine firm's, often just a changed phone number. Third, if you try to verify the firm and find a mismatch, you may be told the official details are out of date. Fourth, money invested through the clone firm goes to the fraudster, not the genuine firm, and there's no Financial Ombudsman Service or FSCS protection behind the fake firm.
How to check an investment firm is genuine
Use the FCA Firm Checker and the Financial Services Register to look up the firm's own registered contact details.
- Call back only using the number listed on the Register itself — never a number the firm or caller gives you, since that's exactly what a clone firm relies on.
- Be suspicious of any claim that the Register's own listed details are wrong or out of date.
- Treat unsolicited investment contact of any kind, by phone, email, or social media, with caution regardless of how well-known the firm's name sounds.
If you've already invested with a suspected clone firm
Stop all further contact and payments immediately. Be alert to a follow-up "recovery" approach offering, for a fee, to get your money back. This is a well-documented second scam, not a genuine service.
How to report a clone firm scam (UK)
Report a suspected clone or unauthorised firm to the FCA on 0800 111 6768. If you've lost money, also report it to Report Fraud at reportfraud.police.uk or 0300 123 2040 if you're in England, Wales, or Northern Ireland. In Scotland, report to Police Scotland on 101.
Frequently asked questions
What is a clone firm scam?
It's when fraudsters use the name, and sometimes the reference number, of a real FCA-authorised investment firm to appear legitimate, while operating separately from the genuine firm.
Which investments do clone firms typically target?
The FCA flags investment products such as shares, bonds, ISAs, wealth-management products, forex, and cryptoasset-related offers. The point isn't the product type alone; it's whether the contact details match the FCA's own records.
How do I check if I'm really speaking to an FCA-authorised firm?
Use the FCA Firm Checker and Financial Services Register, and call back only on the number listed there — never one the firm or caller supplies to you.
A caller told me the FCA Register's contact details for the firm are out of date — is that true?
Be very suspicious of this claim. It's a known tactic clone firms use to get you to use fake contact details instead of the genuine Register-listed ones.
How do I report a suspected clone firm?
Report it to the FCA on 0800 111 6768, and to Report Fraud at reportfraud.police.uk or 0300 123 2040 (Police Scotland on 101 in Scotland) if you've lost money.