How to Verify Your Pension Adviser Is FCA Authorised and What to Check

There is a quiet epidemic of pension fraud in the United Kingdom and among the British expat community. Thousands of people have lost their retirement savings — sometimes their entire pension — to advisers who were not regulated, or whose regulatory permissions did not cover what they were advising on. In many of these cases, the victims were told the adviser was "regulated" or "authorised", but the specific authorisation they held was either inadequate, expired, or entirely fabricated.

The Financial Conduct Authority (FCA) provides a public register of every authorised firm and individual in the UK. Checking it takes five minutes. Failing to check it can cost everything. This guide explains what to check, how to check it, and what red flags should cause you to walk away.

Why FCA Authorisation Matters

The UK's financial services regulatory framework requires that anyone giving regulated financial advice — including advice on pensions, pension transfers, or pension investments — must be authorised by the FCA. This is not a voluntary quality mark; it is a legal requirement.

FCA authorisation matters for three critical reasons.

You have regulatory recourse. If an FCA-authorised firm gives you negligent, unsuitable, or dishonest advice, you can complain to the Financial Ombudsman Service (FOS), which can order compensation of up to £455,000 (for complaints about acts or omissions on or after 1 April 2019, from 1 April 2026; a lower limit applies to earlier acts). If the firm has ceased trading, you can claim through the Financial Services Compensation Scheme (FSCS), which protects pension advice claims up to £85,000.

The firm is accountable. FCA-authorised firms must meet professional standards, maintain professional indemnity insurance, adhere to conduct rules, submit to FCA supervision, and provide clear documentation of their advice. They can be fined, banned, or prosecuted if they breach these obligations.

You have no protection without it. If you take advice from an unauthorised firm, neither the FOS nor the FSCS applies. If the firm gives you bad advice or disappears with your money, your only recourse is civil litigation — expensive, slow, and uncertain.

What Is the FCA Register?

The FCA Register (register.fca.org.uk) is the authoritative public record of every firm and individual authorised or registered by the FCA. It records:

• The firm's name, trading names, and registered address
• The firm's Firm Reference Number (FRN)
• The firm's status (Authorised, Registered, Formerly Authorised, etc.)
• The specific permissions the firm holds
• Individual approved persons and controlled function holders within the firm
• Any disciplinary actions or restrictions imposed on the firm

It is updated in real time and is freely accessible without registration.

How to Search the FCA Register

Step 1: Search by firm name. Go to register.fca.org.uk and enter the firm's name in the search box. If the firm operates under multiple trading names, try different variations. Common words such as "Financial" or "Investments" will return many results — narrow by location or FRN if you have it.

Step 2: Confirm the status is "Authorised". On the firm's entry, the status field should read "Authorised". Be alert to distinctions:

• "Registered" (rather than "Authorised") covers certain limited categories and does not carry the full protection of authorisation
• "Formerly Authorised" means the firm was once regulated but is no longer
• "Appointed Representative" means the firm operates under the authorisation of another firm (a "principal") — in this case, you should check the principal firm and ensure the appointed representative is listed correctly

Step 3: Check the permissions. Scroll to the "Permissions" section of the firm's entry. Look for the specific permissions relevant to your situation. If you are receiving DB to DC transfer advice, the firm must hold the permission "advising on pension transfers and pension opt-outs". If this permission is absent, the firm is not authorised to give DB transfer advice, regardless of what they tell you.

Step 4: Check individual advisers. Search for the name of the individual who will actually advise you. They should appear in the Register as an approved person or controlled function holder linked to the authorised firm. If the individual's name does not appear in connection with the firm, ask the firm to explain the discrepancy before proceeding.

Specific Permissions to Check for Pension Advice

Different types of pension advice require different regulatory permissions. The following are the most relevant permissions to look for.

Advising on pension transfers and pension opt-outs. This permission is mandatory for anyone advising on transferring out of a defined benefit scheme. Without it, the firm cannot legally advise you on a DB transfer. The FCA has made this a specific gating requirement precisely because DB transfer advice has been a major source of consumer harm.

Pension Transfer Specialists. For DB transfer advice specifically, at least one adviser at the firm must hold the Pension Transfer Specialist (PTS) qualification — a specialist qualification above and beyond the standard Diploma in Regulated Financial Planning. The firm should be able to confirm who holds the PTS and you can verify this on the Register.

Managing investments. If the firm will manage your money after the transfer (for example, managing a SIPP portfolio), they must also hold investment management permissions.

QROPS and overseas pension transfers. There is no specific FCA permission for recommending a QROPS — the FCA regulates the advice given in the UK. However, any adviser recommending you transfer to an overseas pension scheme should hold the full range of pension advice permissions and be prepared to explain in writing how the recommended scheme meets the QROPS qualifying criteria.

The FCA Warning List

Separate from the FCA Register, the FCA maintains a Warning List at fca.org.uk/consumers/warning-list. This database contains:

• Firms operating in the UK without FCA authorisation
• Firms that have been referred to the FCA as suspected scams or fraudulent operations
• "Clone" firm details — scammers who impersonate legitimate regulated firms by using similar names or, in some cases, creating fake websites that copy genuine FCA Register entries

Before engaging any adviser, check their name and trading name on the Warning List as well as the main Register. If you receive an unsolicited approach by phone, email, or social media offering pension advice, reviews, or transfers, check the Warning List immediately. Cold calling about pensions has been banned in the UK since 2019 — any unsolicited contact about your pension is a significant red flag.

Red Flags to Watch For

The following are common warning signs that an adviser may not be properly authorised or may be operating a fraudulent scheme.

They are not on the FCA Register at all. The simplest and most decisive check. If the firm does not appear on the Register, do not proceed.

They claim to be a "representative" or "partner" of an authorised firm, but their name is not on the Register. Unregulated individuals sometimes claim association with legitimate firms to appear credible. Verify that the individual is explicitly linked to the authorised firm on the Register.

They are on the FCA Warning List. Stop immediately. Do not invest any funds and seek independent legal advice about any money already committed.

They are based overseas and claim UK authorisation. Some non-UK firms can be FCA-authorised, but verify this explicitly on the Register. Many fraudulent operations claim UK authorisation while being based in jurisdictions with minimal regulatory oversight. The Register will confirm the firm's registered address.

They pressure you to act quickly. Legitimate advisers do not create artificial urgency. Statements such as "this offer expires in 48 hours" or "you need to act before the budget" are manipulation tactics commonly used in pension fraud.

They promise unusually high returns or tax savings. Realistic pension planning involves reasonable assumptions. If an adviser is promising guaranteed double-digit returns or complete elimination of tax liability, the scheme is almost certainly not what it appears.

They suggest moving your pension to an overseas scheme you have never heard of. Some fraudulent schemes involve moving UK pension funds to overseas "investment" schemes that are not QROPS compliant and have no intention of ever returning the funds.

How regulated advice is provided when you work with us

Global Investments is an independent international advisory firm and is not itself authorised by the FCA. Where your situation requires UK-regulated advice — most importantly, advice on a defined benefit pension transfer — that regulated advice and the written suitability report are provided by an FCA-authorised Pension Transfer Specialist we work with. Our own role is to coordinate the wider cross-border picture: tax residence, QROPS jurisdiction, currency, and estate planning.

This means you can and should apply every check in this guide to the FCA-authorised firm and individual who will actually give you the regulated advice. We will tell you who they are, and we actively encourage you to verify their status, their permissions, and their individual advisers on the FCA Register at register.fca.org.uk before any advice is given. Any adviser who discourages you from doing this check should be treated with the utmost caution.

Global Investments maintains professional indemnity insurance and is a member of the relevant professional bodies, and the FCA-authorised Pension Transfer Specialist we work with holds the Pension Transfer Specialist qualification required for defined benefit transfer advice.

How Global Investments Can Help

We regularly speak with clients who have received approaches from unregulated or partially regulated operators, and in a number of cases we have helped clients identify and step back from arrangements that would have resulted in severe financial harm. If you have received advice about your pension from any source and are uncertain about the adviser's regulatory status, we can help you verify the position and, where necessary, refer the matter to the FCA or appropriate authorities.

If you are looking for regulated pension advice — on defined benefit transfers, QROPS, drawdown, or any other pension matter — contact our team to discuss your requirements. Where UK-regulated advice is needed, we will introduce you to the FCA-authorised Pension Transfer Specialist we work with and encourage you to verify their credentials on the FCA Register, while we coordinate the wider cross-border picture so your advice serves your long-term interests.

Please note that the FCA Register, warning list, and regulatory framework are subject to change. Compensation limits are reviewed periodically. The information in this guide reflects the position as of June 2026 and should not be relied upon as legal or financial advice. Always conduct your own verification checks and seek regulated advice before making any pension decisions.