Cloned Investment Firm Scams: How to Check Before Investing

Cloned investment firm scams have become one of the most common ways people lose large sums of money in the UK. The Financial Conduct Authority (FCA) has been warning about them for years, and the numbers keep climbing. The scam relies on fraudulent impersonation: criminals pretend to be a genuine, regulated investment firm so that when you check their details, everything looks legitimate. By the time you realise something is wrong, the money is usually gone.

This article explains how these scams work, how to check a firm properly before you part with any money, and what to do if you have already paid.

What a cloned firm scam actually is

A cloned firm is a fake company that copies the name, address, website style, logo and FCA registration number of a real authorised firm. Scammers do this because most sensible people will check whether an investment company is regulated before handing over money. If the details match a genuine firm on the FCA register, the check appears to pass.

The catch is that the contact details, phone numbers, email addresses and bank account details belong to the criminals, not the real firm. You think you are dealing with a well known investment company. In reality you are dealing with fraudsters using its name as cover.

The FCA publishes warnings about these fake investment entities regularly on its website. The warnings name the legitimate firm being impersonated, list the fake contact details being used, and explain that the real firm has nothing to do with the approach you received.

How the approach usually starts

Most of these scams begin in one of a few ways:

• A paid advert on Facebook, Instagram, TikTok, YouTube or Google, often featuring a well known face such as Martin Lewis, Jeremy Clarkson or another UK personality appearing to endorse an investment opportunity.
• A cold call or WhatsApp message offering bonds, shares, fixed rate investments or cryptocurrency products with returns that sound generous but not outlandish.
• An email or text that looks like it has come from a high street bank, pension provider or investment platform.
• A comparison style website that ranks "top fixed rate bonds" and links you through to the fake firm.

The celebrity endorsements are fake. Martin Lewis in particular has spoken publicly many times about scammers using his face and name without permission, and he does not endorse any investment products. If you see his face attached to a get rich quick claim, it is a scam. The same applies to any other UK celebrity being used to push an investment.

Once you click or call, you are passed to a polished salesperson. They send you a glossy brochure, a link to a professional looking website and documentation that quotes a genuine FCA reference number. Some fraudsters will even encourage you to "check us on the FCA register" because they know the name and number will match. What they do not want you to do is ring the firm back on the number listed on the FCA register itself.

Scam Detector

Got a text, call, email or offer that feels off? Paste it in below and we will tell you how scammy it looks, the warning signs to spot, and exactly what to do next.

Try our Scam Detector free, here on this site →

How to check a firm properly

One of the most effective steps you can take before investing is verifying the firm through official sources. It only takes a few minutes.

• Go to the FCA register at register.fca.org.uk and search for the firm by name.
• Ignore any phone number, email address or website the salesperson has given you. Use only the contact details listed on the FCA register.
• Ring the firm using that number and ask whether they have a representative dealing with you and whether the offer you have been sent is genuine.
• Check the FCA ScamSmart Warning List at fca.org.uk/scamsmart. This lists firms known to be operating without authorisation, including impersonators. If the firm or the offer appears there, walk away.
• Be wary if the website domain is slightly different from the real firm's, for example an extra word, a hyphen, or a .co or .net ending where the real firm uses .co.uk.

If a salesperson pressures you not to call the number on the FCA register, or claims the register is out of date, that is the scam talking. The register is the authoritative source.

Other warning signs

• Returns that beat normal savings rates by a noticeable margin, presented as low or no risk.
• Pressure to decide quickly, "before the allocation closes" or "before rates change".
• Being asked to transfer money to a personal account, a third party, or an account in a different name from the firm.
• Requests to download remote access software such as AnyDesk or TeamViewer so they can "help you set up the account".
• Being told to keep the investment confidential, even from your bank.
• Documents with small errors, odd grammar, or a registered address that does not match the one on the FCA register.

Genuine regulated firms do not behave this way. They are happy for you to take your time, speak to your bank, and verify them through official channels.

Your situation may be slightly different. ask a question below ↓ and our editorial team will reply with our advice.

If you have already paid

Immediate action is crucial. The first hours and days matter most.

• Contact your bank's fraud department straight away and tell them you believe you have been scammed. Ask them to attempt to recall the payment and to freeze any further transactions.
• Report it to Action Fraud at actionfraud.police.uk, which is the primary route, or on 0300 123 2040 if you need to speak to someone. In Scotland, report to Police Scotland on 101.
• Report the scam to the FCA using the form on fca.org.uk, which helps them issue warnings about the impersonated firm.
• If the scam involved a social media advert, report the advert to the platform it appeared on. Platforms can cooperate with the Advertising Standards Authority on broader action, although the ASA does not handle individual consumer complaints directly.
• If your personal data has been misused, you can also report this to the Information Commissioner's Office.
• Speak to Citizens Advice on 0800 144 8848 for free guidance on next steps.

If you paid by bank transfer, ask your bank whether you are covered under the Contingent Reimbursement Model. The scheme applies to certain authorised push payment scams, but reimbursement depends on the circumstances of the case, the bank's participation in the scheme and whether you are judged to have taken reasonable care. If your bank refuses to reimburse you and you disagree with the outcome, you can escalate the complaint to the Financial Ombudsman Service, which provides a free independent review.

Do not respond to anyone who contacts you afterwards offering to recover your money for a fee. Recovery scams target people who have already lost money to investment fraud, and they are run by the same kind of criminals, sometimes the very same ones.

Losing money to a fake investment firm is not a sign of being foolish. These operations are professional, well funded and designed to fool careful people. A short check on the FCA register, using the phone number listed there rather than the one you were given, remains the most reliable defence.

Related warnings

• Pig Butchering Crypto Romance Scams
• Cryptocurrency Recovery Scams
• Authorised Push Payment Fraud and Your Refund Rights
• Fake Bank Fraud Team Calls

See more recent scams on the Latest Scam Warnings page.

The Next Step

Now that you have read through the advice above, you might want to put it into practice. Our Scam Detector lets you got a text, call, email or offer that feels off? Paste it in below and we will tell you how scammy it looks, the warning signs to spot, and exactly what to do next. Try it now →