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How to check a trading firm's permissions
A UK checklist for checking a trading firm's legal identity, FCA permissions and contact details before making a decision.
This is general information about checking regulatory records. It does not assess a named provider or give personal investment advice. Regulatory status, permissions and protection depend on the exact entity, activity and circumstances.
Before opening a trading account, identify the company that would provide the service and check it through the Financial Conduct Authority’s own tools. A familiar brand, a company number or an FCA reference number printed on a website is a starting clue, not the answer. The important questions are whether the same legal entity appears on the official record, whether its current permissions cover the service offered, and whether the contact details match the record. Do those checks from a fresh visit to the regulator’s website, rather than from a link supplied in a sales message.
The FCA’s consumer guidance recommends its Firm Checker as the first stop for a person considering a financial product or service. The Financial Services Register holds fuller regulatory and historical details. Neither a search result nor this article can certify a particular firm. Keep a dated note of what you found and seek clarification from the FCA if the result is unclear.
1. Identify the entity and the service
Write down the exact legal name in the proposed account agreement, the name used in advertising, any firm reference number, the web address, the contact number and the type of product. For example, buying shares, trading a contract for difference and subscribing to an account-management arrangement are different propositions. The same screen design can be used to present different contracts; the interface alone tells you little about the legal service behind it.
Ask which company would be your contractual counterparty and who would hold any money or assets. A trading name may differ from the registered company name. An affiliate or marketing company may appear in an advertisement while a different entity appears in the terms. If the documents change the entity between the invitation, account opening and payment instructions, resolve that difference before transferring funds. Our platform checklist sets out other contract and cost questions to keep alongside this identity check.
A company registration is not the same as authorisation to perform a regulated investment activity. Equally, being listed as registered for one purpose does not establish permission for every financial service. The FCA distinguishes authorisation from registration in its current consumer guidance. Record what kind of status the official result actually shows; avoid reducing several categories to a single “regulated” label.
2. Start at the FCA’s own tools
Navigate independently to the FCA website and open FCA Firm Checker. Search using the firm’s legal name or other details in the agreement. The FCA says this consumer tool is intended to show whether a firm is authorised and has permission for the product or service you are considering. Check the exact spelling, trading name and firm reference number against the offer. Save the result date, because status and information can change.
If you need more detail, use the Financial Services Register. According to the FCA, it is the fuller official record and includes items such as historical fines, the ability to handle client money and a firm’s right to approve financial promotions. It can also help answer a historical question, such as whether a firm held a permission when a product was bought. Do not assume a current status automatically describes the past, or that an old screenshot describes the present.
Sometimes a firm is not found because the name in the advert is incomplete, the activity is outside the tool’s scope or the record is under a different legal name. A missing or ambiguous search result is a reason to pause and contact the FCA through its own published channel. It is not evidence that the firm is safe. The FCA also says Firm Checker can take time to reflect changes and includes details supplied by firms, so a positive result still merits a careful comparison.
3. Match the permission to the offer
Finding a firm is only the middle of the check. Compare the service described in the sales material with the products and activities the FCA record says the firm can provide. A permission connected with payments, for example, should not be treated as a blanket permission for investment dealing. If an appointed representative is involved, identify its principal and check the activity it may undertake. The FCA advises checking with the principal where there are concerns about an appointed representative’s scope.
Be specific in your notes: “The agreement says X; the official record shows Y; I still need to establish Z.” If a record appears to say “No longer authorised” or “Revoked”, do not rely on an older marketing page. The FCA explains that those statuses mean the firm can no longer carry out regulated financial activities. When the situation is unclear, ask the FCA about the exact service rather than asking the seller to interpret its own record.
Authorisation with appropriate permissions can reduce some risks but does not remove market loss, counterparty or operational risk. The FCA’s own guidance makes that limitation explicit. Read the risk guide and the product agreement separately. A permission check cannot tell you whether a strategy is suitable for you or whether an advertised return will occur.
4. Check contact details before replying
A clone firm can copy a real firm’s name, reference number, address or branding while substituting a different website, telephone number or email. The FCA describes this pattern in its consumer and forex-scam guidance. Compare the contact details you were given with the details on the official record or Firm Checker. Where the firm lists several trading names or websites, look for the exact name and channel you are using. Do not follow a verification link supplied by the party you are trying to verify.
For an unexpected call or message, end the conversation and make a separate approach through a contact channel you obtained independently. Treat pressure to act quickly, a changed payment destination or a claim that the FCA’s published details are “out of date” as reasons for more scrutiny. A convincing site design, a professional looking document or a familiar logo cannot settle the identity question. Keep a copy of the disputed material without sending identification or payment merely to complete a “verification” step.
The records themselves have limits. The FCA says firms provide and confirm much of their own contact information. That is why mismatches need investigation, and why matching details are an important check rather than a guarantee. Our provider and claims guide covers the broader task of comparing sales statements with independent evidence.
5. Use the Warning List without overreading it
Check the FCA Warning List for the name, domain and any closely related identity. A warning is a material reason to stop and investigate. But the FCA states that the list is not exhaustive: a firm absent from it may still be unauthorised or a scam. A search returning no warning should never be presented as a certificate of legitimacy.
If the firm is overseas, the regulatory position may involve another jurisdiction. The FCA suggests looking at warnings from overseas regulators as well. Do not assume a foreign licence gives the same permissions or protections for a UK customer. Check which legal entity signs the agreement, where the service is provided and which regulator’s record applies. Avoid drawing a legal conclusion from a country flag or an offshore address on a website.
6. Keep a small verification record
A short table can make contradictions visible. Record the date and official tool used; the legal entity in the contract; the reference number and trading names; the activity or permission you checked; the official website or telephone details; and every difference still unresolved. Keep copies of the account terms, fee schedule, advertising claim and communication that prompted the check. This is an editorial method for organising evidence, not a substitute for the regulator’s decision or professional advice.
Leave the conclusion open when the evidence is incomplete. Useful outcomes include “entity and service matched on the official record as checked today”, “contact details do not match”, or “scope remains unclear; FCA clarification needed”. Avoid the stronger claim “safe to invest”. Even the FCA Firm Checker says it cannot confirm whether compensation or Financial Ombudsman protection will definitely apply in a particular case. Eligibility depends on the product, provider and what happened.
If you think a firm is operating without permission or impersonating another firm, the FCA provides a reporting route on its consumer pages. Use a contact channel reached from the FCA website itself. For a decision involving money you cannot afford to lose, consider qualified independent advice and read the complete contract before acting. This article was checked against FCA consumer guidance on 27 September 2026; revisit the official record at the time you make your own decision.