Unauthorised Investment Platforms UK 2026

The 60-second FCA verification

Get the firm's exact name + (if shown) FRN — firm reference number.
Go to register.fca.org.uk. Search.
Check: (a) firm is "Authorised"; (b) permitted activities include the service you're using (e.g. "Arranging deals in investments", "Dealing in investments as principal"); (c) registered address looks legitimate.
Cross-check the FCA Warning List at fca.org.uk/scamsmart — search the firm name.
If the firm doesn't appear on the Register, doesn't appear with the right permissions, OR appears on the Warning List: DO NOT DEPOSIT.

That's the entire process. Skipping it = no FSCS protection, no FOS recourse, recovery dependent on bank-side PSR.

Common patterns

Fake forex / CFD broker. Slick website, fake licensing claims (often Cyprus CySEC, Vanuatu VFSC, Marshall Islands), promises of low spreads and high leverage. Withdrawal requests refused or subject to "tax fees".
Fake bond schemes. "Mini-bonds" or "fixed-income notes" promising 8-12% annual returns. The 2019 collapse of London Capital and Finance left £236M in real losses; similar schemes still recur with different names.
Clone firms. Scammers register a near-identical domain to a real FCA-authorised firm (e.g. real firm "Brewin Dolphin" → scam "Brewin-Dolphin Trade" with hyphenated domain). They quote the real firm's FRN. Always verify by phone using the real firm's number from FCA Register.
Recovery-room scammers. Specifically target previous-investment-scam victims claiming to be able to recover funds. Always advance-fee fraud.

If you've deposited

Stop further deposits immediately.
Screenshot the platform's current display + your account / transaction history.
Phone your bank — PSR claim, "unauthorised investment platform". See the phone-call script.
Report to FCA via fca.org.uk/contact. They add to Warning List if not already listed.
Report to Report Fraud — use the filing assistant.
If the firm claimed to be authorised in another jurisdiction (Cyprus, Vanuatu, etc.), report to that country's regulator too. CySEC has an active complaint system; some refund tribunals exist.
Don't engage with recovery scammers — see recovery scam warning.

Frequently asked questions

What is an unauthorised investment platform?

Any firm offering UK investment services (forex, CFDs, stocks, bonds, crypto) without the required FCA authorisation. Operating without FCA authorisation while providing regulated investment activities is a criminal offence under the Financial Services and Markets Act 2000. Most are offshore, often in Cyprus, Belize, Vanuatu, Marshall Islands. Their pitch usually looks slick — professional website, fake licensing claims, sometimes claiming UK presence.

How do I check if an investment firm is FCA-authorised?

Search the FCA Financial Services Register at register.fca.org.uk by firm name OR Firm Reference Number (FRN). The register shows: (a) authorisation status; (b) permitted activities (must include the specific service you're using); (c) trading names; (d) registered address; (e) any enforcement action. Also cross-check the FCA Warning List at fca.org.uk/scamsmart for known scam firms. If the firm doesn't appear in the Register but does appear on the Warning List — they're a confirmed scam.

Are FSCS protections available for unauthorised firms?

No. FSCS covers FCA-authorised firms only. Investors with unauthorised firms have no FSCS protection. This is the most important reason to verify FCA authorisation BEFORE depositing — there's no safety net afterwards. Recovery routes for unauthorised-firm losses are limited to civil action (rarely worthwhile) and bank-side PSR claims (sometimes successful if the deception was clear).

What's the FCA Warning List?

A live list at fca.org.uk/scamsmart of firms the FCA has identified as operating without authorisation. Added when a firm shows scam indicators OR when a victim reports them. Updated continuously. Search by firm name. ALWAYS appearing on the Warning List = confirmed scam. NOT appearing on the Warning List doesn't mean safe (the FCA can only list scams they've been notified of); always combined with FCA Register search for full verification.

I deposited £X to an unauthorised broker who won't let me withdraw. What now?

Standard pig-butchering / unauthorised broker pattern. Steps: (1) Phone your bank, PSR claim — the deception (firm claiming to be regulated when not) is straightforward to demonstrate. (2) Report to Report Fraud + FCA + the regulator in the firm's jurisdiction (CySEC for Cyprus, etc.). (3) FOS escalation if your bank refuses. (4) Block the firm's contact — they'll typically pivot to asking for 'tax fees' or 'release fees' (the classic pig-butchering exit). (5) Watch for recovery scammers contacting you — they're follow-up scams targeting the same victim list.

Some scam firms claim to be FCA-authorised — how do I tell?

Claim doesn't make it true. Search the FCA Register directly using the firm name OR claimed FRN. Common scam patterns: (a) firms quote real FRNs of completely different real firms ('clone firms' — FCA Warning List has a dedicated clone-firm section); (b) firms claim 'pending FCA application' — anyone can apply; the actual authorisation is what matters; (c) firms display fake FCA badges on their site — copy-paste images prove nothing. Trust ONLY the FCA Register itself, not anything the firm says.