How to Spot a Clone Firm: FCA Register Guide
A clone firm is classified as the fraudulent use of a legitimate firm's name, FCA reference number, or branding of a legitimate Financial Conduct Authority (FCA) authorised company in order to trick victims into sending money.
How to Spot a Clone Firm
Clone firms are regularly used by scammers to impersonate legitimate companies. They utilise the name, reputation, and branding to trick individuals into believing they are dealing with the real FCA-authorised firm.
Red flags of cloned firms
Identity/verification mismatches
Contact details (email, number, office address) doesn’t match those of the authorised firm on the FCA register
A different URL to the one listed on the FCA register
Firm reference (FRN) number doesn’t match, or is being used alongside a different company/name address than the register shows
Emails sent from free email domains (Gmail or outlook) rather than a company domain
Payment red flags
Requests for payments through personal bank accounts
Requests for payments through cryptocurrency or PayPal
Requests for upfront fees
Behavioural/communication red flags
Pressure to invest, or send money quickly
Guaranteed and unrealistic promises
Unsolicited or out of the blue contact
Contact through social media, or WhatsApp
Discouraging you from checking the FCA register yourself
How to Verify a Firm Using the FCA Register
Go to the Financial Conduct Authority register
Scroll down to ‘check information about a firm, or an individual at a firm’
Select which option you want and type in the name of the firm, or the individual
The authorised firm details will show up and you can click to see the authorised details, including the verified contact and website details
If any clone warnings have already been issued then these will also show up underneath as ‘clone of authorised firm’.
It will also show you waht activities the firm is authorised to conduct
FCA Warning List of Clone and Unauthorised Firms
Clone firms are regularly reported to the Financial Conduct Authority (FCA). When reported, the FCA investigates the supposed clone firm, and if it is found that they are impersonating a legitimate FCA-authorised firm, they will issue a clone warning on the FCA register.
The FCA maintains a list of clone and unauthorised firms on the FCA warning list. You can check this here: https://www.fca.org.uk/consumers/warning-list-unauthorised-firms
It is important to note that not every clone firm will be added to the list, and you should verify the details through the FCA firm checker or the FCA register before sending any money.
What To Do If You’ve Been Targeted Or Already Paid
If you have already lost money to a clone firm, then do not panic, there are steps you can take to recover from this.
Stop communication immediately
Do not send any further money
Report the cloned firm to the Financial Conduct Authority (FCA)
Report it to Report Fraud
Report it to your bank
Preserve and gather all evidence
Look at starting a claim to recover your money yourself for free, or through a specialist, authorised firm such as Refundee
How To Make A Claim To Recover Your Money
If you have lost money to a clone firm, then you have rights to recover your money. The PSR’s Mandatory Reimbursement Model was introduced in October 2024, which means that banks are now legally obliged to refund Authorised Push Payment (APP) scam victims in most cases.
Key rules of the Mandatory Reimbursement model:
Covers UK to UK payments via faster payments and retail CHAPS payments
Maximum refund of £85,000 per claim
Banks can deduct an excess of £100 per claim (This does not apply to vulnerable customers)
Victims must report the the scam and provide the info promptly
Banks cannot delay claims indefinitely
Applies to individuals, charities and microenterprises
What this means for you: If you were manipulated into transferring money, getting your money back from your bank will likely mean they have to reimburse you, and quickly.
It’s a free process to claim yourself to your bank, and if the bank rejects the claim, you can escalate this to the Financial Ombudsman Service free of charge as well.
Alternatively, you may choose to work with an FCA-regulated claims management company, such as Refundee, who can guide you through the claims process and help you pursue the recovery of your funds.
Frequently Asked Questions (FAQ’s)
What is a clone firm?
A clone firm is classified as the fraudulent use of a legitimate firm's name, FCA reference number, or branding of a legitimate Financial Conduct Authority (FCA) authorised company in order to trick victims into sending money.
What are the common signs of a clone firm?
Contact details (email, number, office address) don't match those of the authorised firm on the FCA register, unusual payment requests and upfront fees, pressure tactics to send money and discouragement from doing due diligence.
How do I check if a company is FCA regulated?
Go to the Financial Conduct Authority register - https://register.fca.org.uk/s/
Scroll down to ‘check information about a firm, or an individual at a firm’
Select which option you want and type in the name of the firm, or the individual
The authorised firm details will show up and you can click to see the authorised details, including the verified contact and website details
If any clone warnings have already been issued then these will also show up underneath as ‘clone of authorised firm’.
Is Refundee FCA regulated?
Yes, Refundee is authorised and regulated by the Financial Conduct Authority under firm reference number 937096. You can verify this directly on the FCA register.
How do I check I am speaking with the real Refundee and not a clone?
Always check that any communication from Refundee matches the contact details listed on the official website (www.refundee.com) and the FCA register under FRN 937096. We will never contact you out of the blue, ask for upfront payments, or pressure you to act immediately. Our verified contact details are: enquiries@refundee.com and 0204 525 4600.
Conclusion
Cloning a legitimate, FCA-authorised firm is one of the most effective tactics fraudsters use because it impersonates the trust and protections that come with legitimate regulation.
Believing you are dealing with an FCA-authorised firm can make you less likely to do your due diligence, which is why it is important to check the FCA register before dealing with any firm claiming they are FCA-authorised.
If you’ve already sent money to a clone firm, don’t panic. You have options – you can report it and pursue a claim yourself for free through your bank and the Financial Ombudsman Service. If you would prefer support during the process, Refundee can help you on a no-win, no-fee basis.
Our fees are fair and straightforward. We only charge a fee if we’re successful, and there are no hidden or upfront costs. Read more about them here.
More about Refundee
Here are the technical bits:
Refundee Ltd is a claims management company authorised and regulated by the Financial Conduct Authority in respect of regulated claims management activity FRN: 937096.
Registered with the Information Commissioner's Office; registration number: A8986071.
Registered office address: Refundee, 3rd Floor, 86-90 Paul Street, London, EC2A 4NE.
Registered as a company in England & Wales; number: 12855931.
Written by Stuart McFadeen, Co-founder at Refundee.
Stuart specialises in banking regulations and unauthorised fraud recovery, helping victims navigate claims against UK banks that have failed in their duty to protect customers. He has featured regularly in the media discussing fraud and victim rights, including the BBC and ITV.
