scam brokersThe UK’s Financial Conduct Authority (FCA) has continued to add a steady stream of unlicensed and ‘clone’ forex brokers to its Warning List in 2026, noting a large number of highly similar unauthorised firms appearing in quick succession.
What a clone broker is
A clone firm copies the name, registration number, address or branding of a genuinely regulated company to appear legitimate. Victims believe they are dealing with an authorised broker when they are in fact dealing with fraudsters. Because the cloned details are real, a quick search can be misleading — which is exactly the point.
How to check a broker properly
- Search the firm on the FCA Register and compare every detail — phone, email, website and reference number
- Be wary if contact details differ even slightly from the official register entry
- Confirm the regulator directly via the regulator’s own published contact details, not a number the firm gives you
- Cross-check the FCA Warning List and, for other regions, ASIC’s and MAS’s alert lists
We walk through this verification process in detail in our unlicensed broker warning guide. If a broker pressures you to act before you can verify it, that pressure is itself a red flag.
This article summarises publicly reported regulatory actions and news for educational and consumer-awareness purposes. Details are based on statements from regulators and press reports at the time of writing; always verify the current status of any firm directly with the relevant regulator before making decisions.
