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- The FCA published 38 warnings in a single week against firms operating without authorization or cloning legitimate companies.
- Clone firms copy credentials of real authorized firms to deceive consumers into thinking they are regulated.
- The regulator is also pursuing antitrust investigations into Mastercard, Visa, and PayPal in the digital wallet market.
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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FAQs
How many warnings did the FCA issue in the week ending May 8, 2026?
The FCA issued 38 warnings about unauthorized or clone firms over seven days, according to the regulator's official announcement on X.
What is a clone firm?
A clone firm copies the details of a legitimately authorized financial company. That includes its name and registration number. The goal is to deceive consumers into believing they are dealing with a regulated entity.
Where can consumers check FCA warnings?
The FCA maintains a searchable warning list at its website. Users can look up flagged firms by name or reference number. Check the list before dealing with any firm offering financial services, investments, or crypto products.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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