TL;DR
Clone firm fraud is one of the most dangerous investment scams in the UK because victims check the FCA register and find a real authorised firm — but the contact details belong to the fraudster. The FCA warns that clone firms have cost UK consumers hundreds of millions of pounds. Always verify contact details on the FCA register directly, never using information provided by the firm.
Warning date: FCA, Action Fraud, FOS | Source: FCA Warning List | Verify at fca.org.uk before relying on this page
What is a clone firm?
A clone firm is a fraudulent operation that copies the identity of a genuine FCA-authorised firm. It uses the legitimate firm's name, address, FCA registration number and sometimes copies their website — but replaces the contact details with those of the fraudster. When a victim checks the FCA register and finds a matching firm name and registration number, they may believe they are dealing with the genuine authorised firm.
The clone firm then accepts investments or deposits which are stolen. Because the genuine firm exists on the FCA register, victims are initially reassured — but the contact details (phone number, email, website) provided by the clone do not match those on the register. This is the key detection method: always verify contact details on the register, never those given to you by the firm.
How clone firm scams operate
Clone firms typically begin with cold contact — a phone call, email, WhatsApp message or social media advertisement. They may present a sophisticated investment opportunity with above-market returns. When questioned about their authorisation, they provide an FCA registration number that belongs to a genuine firm. Some clones even create websites that closely mirror the genuine firm's site.
Victims who invest receive fabricated account statements showing growing returns. Initial small withdrawals are sometimes permitted to build confidence. When victims attempt larger withdrawals, the clone firm becomes increasingly difficult to contact before disappearing entirely.
How to detect a clone firm
The only reliable detection method is to independently verify the firm's contact details on the FCA register at register.fca.org.uk — not by using any contact information the firm has provided to you. If the phone number, email or website address given by the firm does not exactly match the details on the FCA register for that firm, you are dealing with a clone or other fraudulent operation.
Also check the FCA Warning List at fca.org.uk/consumers/warning-list. The FCA adds clone firms to this list as they are identified. However, not all clone firms are on the list — new ones operate before being detected. The register check is the primary protection.
Clone Firm Detection Checklist
| Check | How | Red Flag |
|---|---|---|
| Firm name on FCA register | Search register.fca.org.uk | Not found or name similar but not identical |
| Phone number matches register | Compare with register entry | Different number from register |
| Email domain matches register | Compare with register entry | Different domain from register |
| Website URL matches register | Compare with register entry | Different URL or register shows none |
| FCA number matches firm name | Check number at register.fca.org.uk | Number belongs to a different firm name |
| Firm on Warning List | Check fca.org.uk/consumers/warning-list | Appears on Warning List |
Source: FCA ScamSmart guidance. All six checks should be performed before any investment.
Recent clone firms identified by the FCA
The FCA adds clone firms to its Warning List daily. Recent examples from June 2026 include spreadex-uk.com (cloning Spreadex Ltd, FCA ref 187421), Nexdiltd.net, Quanta North, WealthW-Group and valleyfinance.online. Each used a genuine firm's identity with different contact details to deceive victims. Always verify at fca.org.uk/consumers/warning-list before investing.
What to do if you have been targeted by a clone firm
If you have been contacted by a firm that you suspect may be a clone, do not make any payment. Report to Action Fraud on 0300 123 2040. Report to the FCA at fca.org.uk/consumers/report-scam. If you have already paid money, contact your bank immediately to attempt to recall the payment and raise a fraud claim under the mandatory APP reimbursement rules.
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Are you associated with this firm? If the FCA has removed this warning from its Warning List, or if you believe this article contains an error, contact us at support@kaeltripton.com with a link to the current FCA register entry or confirmation of removal. We will update or remove this article within 5 working days of receiving verified evidence. We do not remove articles on request alone — FCA confirmation is required. |
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Disclaimer This article is based on the FCA Warning List as of June 2026. It is for information only. The FCA Warning List at fca.org.uk/consumers/warning-list is the authoritative and current source. Always verify directly with the FCA before acting on this information. Kael Tripton Ltd is an independent editorial publisher and is not regulated by the FCA. |
Frequently asked questions
How do I check if a firm is a clone?
Go to register.fca.org.uk and search for the firm by name. Find the firm's official contact details on the register. Compare these exactly with the details the firm has given you. If anything differs — phone number, email, website, address — you are likely dealing with a clone firm. Do not use any contact details provided by the firm to make this check.
Does checking the FCA register protect me from clone firms?
Only if you verify contact details on the register independently. The FCA registration number a clone firm quotes may be genuine — it belongs to a real firm. The register check protects you only if you use the contact details from the register to make contact, not those provided by the firm approaching you.
Can I get my money back if I was defrauded by a clone firm?
If you paid by bank transfer on or after 7 October 2023, your bank may be required to reimburse you under mandatory APP fraud reimbursement rules. Contact your bank's fraud team immediately. The FSCS does not cover losses to unauthorised firms. Report to Action Fraud and the FCA.
Will the genuine firm compensate me if I was deceived by a clone?
No. The genuine firm whose identity was cloned has no liability for the fraudster's actions. They are a victim of identity theft. You should report the clone to both the FCA and the genuine firm so they can warn their customers.
How do I report a clone firm to the FCA?
Report at fca.org.uk/consumers/report-scam. Provide the firm name, website, contact details and FCA registration number they quoted. The FCA investigates every report and adds confirmed clones to the Warning List. Contact us at support@kaeltripton.com if you believe a warning article on this site needs updating.
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Sources
FCA Warning List |
