10 December 2025
If you are covering the launch of the FCA’s Firm Checker, a tool to help consumers avoid scams, please see the following comment from Nick Sacre-Hardy, interim chief risk officer at Quilter:
“Fraud is a hugely prevalent issue that can devastate people’s financial resilience. 800,000 people losing money to investment or pensions-related scams in the space of just 12 months is a harrowing figure, and the FCA’s new Firm Checker is a step in the right direction towards helping to reduce the number of victims.
“Falling victim to fraud can have lasting consequences, particularly for those already struggling with low savings or debt. The FCA’s data released earlier this year shows younger adults and vulnerable financial individuals are often disproportionately affected. Scammers are becoming increasingly sophisticated in exploiting digital platforms and psychological triggers, making it even more challenging for victims to avoid.
“Impersonation fraud, where scammers use the credentials of legitimate businesses or trusted people to access a victim’s personal information or finances, can be very convincing and therefore one of the more challenging scams to decipher. The Firm Checker should help alleviate the issue by providing victims with a reliable source to determine whether they are speaking to a genuine business or person. The new tool should become the first port of call for anyone concerned about an investment or pension opportunity, and the ability to compare contact details should help prevent many scammers getting away with unsolicited contact and impersonation.
“There also remains an onus on the financial services industry to ensure customers are better protected. Firms must be committed to investing in better fraud detection and consumer education to help prevent scams from happening in the first place. However, they must also ensure that victims receive fast, fair treatment if things go wrong. A strong, trusted financial system depends on more than just security, but on responsiveness and support when customers are at their most vulnerable.
“For those who are concerned about scams, here are five key tips to help protect yourself:
- Be aware that scammers will go to great lengths to make their advertisements, brochures, websites and investments look genuine. Always double check.
- Scammers often spend several weeks or months building relationships with their potential targets. They may even call their potential victim on the phone using a spoofed number, or a mobile number. If you are approached by an individual from a financial business, you should look up the official website and contact details using the Firm Checker. If you are still unsure, you should contact the firm using the switchboard number if needed. Make sure you speak with the fund manager/adviser at the business to verify that it is them.
- Never rely on links or registration details forwarded to you, always check these yourself and go direct via the official website.
- Stop and think. If you are contacted about an investment opportunity, take a moment to stop and think before parting with your money. Don’t be rushed into making a decision. Remember, legitimate organisations will never pressure you into investing on the spot. You can always reject, refuse or ignore any requests. Only criminals will try to rush or panic you.
- It’s better to be safe than sorry – before you invest any money, do your own research: no matter how trustworthy a company looks.
