A clone firm uses a genuine firm's name, address and sometimes its reference number, which is exactly why looking up the name is not enough. The check that catches one is comparing the contact details you were given against the ones the regulator lists. And the Financial Conduct Authority are clear that a firm missing from their Warning List may still be a scam.
A clone copies a real firm's name, address and reference number. The check takes two minutes, and a clean search on a warning list does not by itself prove anything.
Equity release may involve a lifetime mortgage, secured against your property, or a home reversion plan. It will reduce the value of your estate and impact funding long-term care.
The Financial Conduct Authority describe a clone firm as fraudsters pretending to be from firms the regulator authorises. They note that clone firms are not authorised or registered, but that scammers may try to convince you they are, and that they will often use the name and address of a genuine firm or copy its firm reference number.
So the usual advice to look the firm up is only half of it. The name will check out, because it belongs to somebody real. What has to match is the contact details, and the FCA say to check the ones listed on their Firm Checker against the ones you were given.
The FCA warn that scammers may claim a firm's contact details on the Firm Checker or the Financial Services Register are out of date. They answer it directly: this is unlikely, because they update both services on average every 24 hours.
How to check the person you are talking to →The FCA list copying a website with small changes such as the phone number, pointing you at the genuine firm's site while using different contact details, and giving real details with one wrong number.
The FCA note addresses that look similar to the genuine firm's, and the use of providers such as Outlook or Gmail. A regulated firm corresponding from a free email account is worth a second look.
The FCA say scammers might reach out after you have searched for loans or investments and submitted your details online. A cold call that seems to know what you were looking at is not reassuring.
Deal with an unauthorised firm and the FCA say you will not be covered by the Financial Ombudsman Service if you want to complain, nor protected by the FSCS if the firm goes out of business.
How to complain, and to whom →It takes a couple of minutes and it is free. The point of doing it in this order is that the last step is the one a clone fails.
This is the part that gets left out of most advice about scams, and the FCA say it themselves. If a firm is not on the Warning List, it may still be unauthorised or be a scam, because unauthorised firms often change their names and the regulator may not be aware of it yet.
The Warning List is a list of firms the FCA are already concerned about. When we looked on 8 September 2026 it was showing 18,665 entries. Finding nothing means the name you searched is not on a list of known problems, and that is all it means.
The FCA suggest extra checks beyond their own services: the firm's website, directory enquiries, and Companies House. They also advise checking that the web address you are on is correct and has no small changes in it.
The FCA note that if you sent money to a fraudster on or after 7 October 2024 you may be covered by protections introduced by the Payment Systems Regulator, and they publish guidance on what to do if you have been tricked into paying a scam account.
Speed matters more than certainty here. Contacting your bank and the FCA before you are sure what happened is a better order than the other way round.
Whether a particular firm or caller is genuine. We are not a checking service and we hold no list. The Firm Checker and the Financial Services Register are the FCA's own services and they are free to use.
Whether money can be recovered. That depends on how it was sent, to whom and when, and it is a question for your bank and the authorities.
Whether the firm contacting you is genuine. We hold no register and we cannot verify anybody. The Firm Checker and the Financial Services Register are the regulator's own free services, and where a firm cannot be found the FCA publish a number to call on their page.
Equity release may involve a lifetime mortgage, secured against your property, or a home reversion plan. It will reduce the value of your estate and impact funding long-term care.
None of it takes long, and the third item is the one that actually catches a clone.
Questions worth asking anybody who contacts you unexpectedly.
What is your firm reference number?
Ask, then check it yourself rather than taking their word. A clone may quote a genuine firm's number.
What permission do you hold for equity release specifically?
The FCA's check is about permission for the service being offered, not authorisation in general.
Can I call you back on the number in the Firm Checker?
The single most useful question there is. A clone needs you to use their number rather than the listed one.
How did you get my details?
The FCA describe scammers approaching people who have searched for loans online. A vague answer is itself an answer.
Why are you asking me to act quickly?
There is no legitimate reason for urgency in this market. A decision this size does not have a deadline.
Short answers to the things that come up most. None of it is advice, and every figure on this page carries its source.
The Financial Conduct Authority use the term for fraudsters pretending to be from firms the regulator authorises. Clone firms are not authorised or registered themselves, but they will often use the name and address of a genuine firm, and may copy its firm reference number, so that the name you are given checks out even though the people contacting you are not that firm.
The FCA set out four steps: search for the firm by name on their Firm Checker, select the product or service you are looking for, check the firm has permission for that particular service, and then check the contact details listed against the ones you were given. The last step is the one a clone fails, because the name will match and the contact details will not.
The FCA answer this directly. They warn that scammers may claim a firm's contact details on the Firm Checker or the Financial Services Register are out of date, and say this is unlikely because they update both services on average every 24 hours. Being told the official record is wrong is itself a warning sign.
No, and the FCA say so themselves. If a firm is not on the list it may still be unauthorised or be a scam, because unauthorised firms often change their names and the regulator may not be aware of it yet. A clean search means the name is not on a list of known problems, and nothing more than that.
The FCA state that you would not be covered by the Financial Ombudsman Service if you wanted to complain, and would not be protected by the Financial Services Compensation Scheme if the firm went out of business. They add that this means it is unlikely you would get your money back.
Equity release may involve a lifetime mortgage, secured against your property, or a home reversion plan. It will reduce the value of your estate and impact funding long-term care.
One qualified equity release adviser. They will go through your figures and tell you if there is a better answer. It costs nothing and commits you to nothing.
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