Overview
- The tool is live on the FCA website and lets people verify a firm's authorisation and specific permissions before paying money, with advice to match contact details to the listing.
- FCA data for the 12 months to May 2024 indicates about 800,000 victims, with first contact often via social media (17%), phone calls (17%) and texts or messaging apps (16%).
- The checker does not indicate FSCS coverage or whether issues fall within the Financial Ombudsman’s remit and omits some Register details such as crypto restrictions, historical fines, client‑money permissions and promotion‑approval rights.
- Information can take up to 24 hours to update, the FCA disclaims liability for firm‑provided data, and experts warn cloned firms and digital skills gaps could still mislead users who rely on the tool alone.
- The launch comes alongside FCA proposals to revise investment product information to widen access and the Government’s plan to cut the cash ISA limit to £12,000 from April 2027, with the overall £20,000 allowance maintained and over‑65s retaining a £20,000 cash ISA allowance.