By Charlie Hinwick, ACCA · Last updated 24 October 2026 · Sources listed at the foot of the page

How do you check a broker on the FCA Register?

1. Go to the Register directly. Type register.fca.org.uk yourself rather than following a link, and check the address carefully; the FCA warns that fake versions exist.
2. Search by name or FRN. Every authorised firm has a firm reference number. A broker that will not give you one is a warning sign in itself.
3. Read the status. You want “Authorised” (or “Registered” for a small payment institution). Check the firm type and that its permissions include payment services.
4. Match the contact details. Compare the website, phone number and address on the Register line by line with what you have been sent.
5. Check trading names. Many brokers trade under a brand that differs from the legal company name. The brand should appear on the Register entry.
6. Search the FCA Warning List. It lists firms the FCA knows are operating without authorisation or cloning genuine firms.

What is a clone firm?

A clone firm is a fraudster posing as a genuine authorised firm. The FCA says clones often copy a real firm’s name, address or FRN, and may copy its website with small changes such as a different phone number. That is why the FRN alone proves nothing: you have to contact the firm using the details on the Register. The FCA publishes individual clone warnings for payment firms as well as investment firms, so a currency broker’s name being used by someone else is a real risk, not a theoretical one.

What do the different FCA authorisation types mean?

Register status	What it means for a currency broker	Safeguarding under CASS 15
Authorised payment institution	Full authorisation to provide payment services	Mandatory
Authorised e-money institution	Can issue e-money and provide payment services	Mandatory
Small payment institution	Registered, with a cap on payment volumes	Optional (firm may opt in)
Agent of a payment institution	Acts on behalf of an authorised principal, which is responsible for it	Through the principal

What does safeguarding protect?

Safeguarding means an authorised payment or e-money institution must keep customers’ money separate from its own, so that it can be returned if the firm fails. The FCA tightened the regime from 7 May 2026: in-scope firms must now reconcile safeguarded funds daily, file a monthly safeguarding return and, in most cases, commission an annual safeguarding audit.

Safeguarding is not insurance. It protects the money while it is in the pool, but it does not compensate you for a shortfall the way the Financial Services Compensation Scheme does for bank deposits up to £120,000. Our bank versus broker guide sets the two side by side.

What does FCA authorisation not cover?

• Some forward contracts. A payment institution’s authorisation covers payment services. Under the FCA’s Perimeter Guidance, a currency forward used as a means of payment for identifiable goods or services is excluded from investment regulation, and the FCA says a forward fixing the value of an inheritance does not qualify for the payment exclusion at all. See our forward contracts guide.
• Scams on international payments. The Payment Systems Regulator’s mandatory reimbursement scheme covers Faster Payments and CHAPS between UK accounts, up to £85,000. International payments are excluded.
• Price. Authorisation says nothing about how competitive a firm’s rates are. That is what quotes are for.

Where can you complain about a currency broker?

Complain to the firm first; it must follow the FCA’s complaint-handling rules. If you are not satisfied with the final response, or the firm has not resolved it within the time limit, eligible customers can take the complaint to the Financial Ombudsman Service, which handles complaints about payment services. Keep written records of quotes, confirmations and calls from the start.

Every broker in our comparison table has been checked on the Register, and each broker review quotes its FRN so that you can repeat the check yourself.

Frequently asked questions

Do currency brokers have to be FCA regulated?

A UK firm that provides payment services as a business needs to be authorised or registered by the FCA, or act as the agent of a firm that is. A broker working through a partner should name it so that you can check both.

What is an FRN?

A firm reference number is the unique number the FCA gives each firm it authorises or registers. It identifies the firm on the Register, but fraudsters copy it, so always match the contact details too.

Is my money protected if a currency broker goes bust?

Money an authorised broker holds for you must be safeguarded and returned from the safeguarded pool. There is no FSCS compensation, and recovery after an insolvency can take time.

What should I do if a broker contacts me out of the blue?

Do not use any contact details in the message. Look the firm up on the Register, call the number listed there, and ask whether the contact was genuine.

Does FCA authorisation mean a broker is cheap?

No. Authorisation is about conduct and protection, not price. Compare the amount received against the mid-market rate to judge cost.

Last updated 24 October 2026 · Compiled and checked by Charlie Hinwick, ACCA. Nothing on this page is a personal recommendation or regulated financial guidance. Regulatory status can change; always check the FCA Register on the day you deal.