Why you should always check the FCA register

Jan 21, 2019

The Financial Services Register is a public record that shows details of firms, individuals and other bodies that are, or have been, regulated by the PRA and/or the FCA.

The FCA states that: “Almost all firms offering financial services in the UK must be authorised by us. You should only deal with authorised firms.”

However, it’s always recommended that consumers conduct their own due diligence on individual firms – irrespective of whether they’re authorised or not.

For example, you should ensure you do the following before you apply for any loan:

  1. Search the Financial Services Register to check the status of the firm you are using, or are planning to use.
  2. Check to see if the firm has been in the news recently and, if so, whether it was positive or negative.
  3. Look at reviews from customers and commentators – what are others saying about this firm? A great way to do this is using Google reviews or Facebook.
  4. Review their website. Do they share regular updates? Are they open and honest with customers by sharing the bad news as well as the good? Is their complaints data up to date?
  5. Ask if you are able to speak to someone in authority at the firm and get straight answers to any questions you may have.

Give yourself a helping hand and spend a little more time researching the firms you are considering using.
Here is a quick link to help you confirm a business is registered with the FCA:  https://register.fca.org.uk/

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