The UK’s Financial Conduct Authority has called out 38 firms operating without proper authorization or impersonating legitimate businesses over the past seven days.

The batch of warnings, posted to the FCA’s public warning list, covers both unauthorized firms and so-called clone firms. Clone firms copy the details of legitimate, FCA-registered companies to trick consumers into handing over money. The regulator urged consumers to check its warning list before dealing with any financial services provider.

Clone firms replicate real credentials/information

Clone firms replicate the name, address, registration number, or other credentials of a genuine authorized firm. A consumer who checks the FCA register may see the real firm’s clean record and assume they are dealing with it. But in reality, the entity contacting them is an impersonator.

The Financial Conduct Authority maintains a searchable warning list on its website where consumers can look up recently flagged entities.

In the past 7 days we issued 38 warnings about unauthorised or clone firms.

Protect yourself and find all recent warnings https://t.co/F6gjRRqNx5#FCAWarnings #FinancialRegulation pic.twitter.com/ueAjSXcwrO

— Financial Conduct Authority (@TheFCA) May 8, 2026

FCA operates on multiple fronts

The 38-warning week lands during an active stretch for the FCA. The regulator said in an announcement earlier this month that it is investigating Mastercard, Visa, and PayPal for potential anti-competitive behavior in the digital wallet market.

The investigation, which was started under the Competition Act 1998, looks into the terms of contracts that govern using and paying PayPal’s digital wallet. It also looks at whether Mastercard and Visa may have abused their market dominance.

Last year the FCA and the Payment Systems Regulator published a joint report which raised competition concerns around digital wallets. Per Cryptopolitan, card transactions using digital wallets increased from 8% to 29%, according to 2023 data.

Checking the FCA warning list

The FCA’s warning list is available on its website. People can search by firm name, individual name, or reference number. The regulator advises checking the list before engaging with any firm offering financial services, investments, or crypto-related products.

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