Debarment and warning lists
Regulator warning lists and clone firms
Short answer
- FCA Warning List first published
- 2 April 2016 1
- FCA consumer helpline
- 0800 111 6768 1
- SEC PAUSE categories
- Unregistered soliciting entities, fictitious regulators, impersonators of genuine firms 3
- MAS list last updated
- 17 September 2026 4
- I-SCAN alerts shown
- 48,034 results on 24 October 2026 5
What a warning list is
A warning list is a public notice by a financial regulator. The FCA describes its list as showing the firms it is concerned are working without its permission 1. It adds firms as soon as it can, but notes that unauthorised firms often change their names 1.
The SEC says a name on its PAUSE lists does not mean it has concluded that a violation of US securities laws has occurred 3. The listing does not reflect a view on the merits of any securities offered 3. MAS frames its Investor Alert List around persons who may be wrongly perceived as licensed or authorised by MAS 4.
What a clone firm is
The FCA uses the term clone firm for a business that pretends to be a genuine, authorised firm 2. Its warnings say fraudsters often use the real firm's name or reference number and usually make contact unexpectedly 2. In each clone warning, the FCA states that the authorised firm being copied has no association with the clone 2.
The SEC lists the same pattern under impersonators of genuine firms. It says these entities take names, addresses, registration numbers or website likenesses from public databases such as EDGAR and FINRA BrokerCheck 3. The SEC states the impersonators have no connection with the genuine firms 3. MAS says it will stop publishing names and online identifiers of entities that impersonate MAS-regulated institutions 4.
Main lists compared
| List | Keeper | What it covers | Stated limit |
|---|---|---|---|
| FCA Warning List 1 | Financial Conduct Authority, UK 1 | Unauthorised firms and individuals the FCA knows about 1 | A firm not on the list may still be unauthorised or a scam 1 |
| PAUSE 3 | Securities and Exchange Commission, US 3 | Entities falsely claiming US registration or location, fictitious regulators, impersonators 3 | Does not include all such entities 3 |
| Investor Alert List 4 | Monetary Authority of Singapore 4 | Persons who may be wrongly perceived as regulated by MAS 4 | Not exhaustive, based on what MAS knew at publication 4 |
| I-SCAN 5 | IOSCO, global 5 | Alerts submitted by IOSCO members 5 | IOSCO does not independently verify all content 5 |
The global database
IOSCO runs the International Securities & Commodities Alerts Network, known as I-SCAN 5. It says the information is submitted by IOSCO members and is public 5. Contributors include the FCA, Switzerland's FINMA, Australia's ASIC, the SEC and the CFTC 5. Alerts can be filtered by regulator, category, product, date or keyword 5.
Categories include unregistered or unlicensed entities, impersonators of registered entities, impersonators of regulators, market manipulation and fraud 5. When opened on 24 October 2026, the alert page showed 48,034 results, with the newest dated 23 October 2026 5. IOSCO provides the data as is and makes no guarantee of accuracy or timeliness 5.
How to check a firm
- UK: use the FCA Firm Checker to confirm a firm is authorised. If you cannot find it, call 0800 111 6768 1.
- UK clone risk: deal only with authorised firms and check the Financial Services Register 2.
- US: send questions or complaints to the SEC through its complaint form 3.
- Singapore: check official contact details on the institution's website or the MAS Financial Institutions Directory 4.
Common questions
If a firm is not on the FCA Warning List, is it safe?
No. The FCA says a firm not on the list may still be unauthorised or be a scam 1.
Does being on the SEC PAUSE list mean a firm broke the law?
No. The SEC says a listing does not mean it has concluded that a violation occurred 3.
What is a clone firm?
A business that pretends to be a genuine authorised firm, often using its name or reference number 2.
Is there one global list of investment scam warnings?
IOSCO's I-SCAN gathers alerts submitted by its member regulators 5.
Rules and charges change. Check the official source linked on this page before you pay or travel. Spotted an error? Email hello@sanctionslistsexplained.com.
Sources
- Financial Conduct Authority: FCA Warning List of unauthorised firms (last updated 30 June 2026)
- Financial Conduct Authority: warning, clone of FCA authorised firm (first published 20 June 2019)
- U.S. Securities and Exchange Commission: Public Alert: Unregistered Soliciting Entities (PAUSE)
- Monetary Authority of Singapore: Investor Alert List (last updated 17 September 2026)
- IOSCO: International Securities & Commodities Alerts Network (I-SCAN)
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