FCA stunt launches new Firm Checker tool as around 700,000 people lose money to investment scams.
Morning commuters at London Waterloo got more than their usual caffeine hit today when a mysterious 'ATM' promising to 'give away a fortune' stopped them in their tracks – and revealed an unexpected surprise.
As curious passers-by approached the machine, the screen slid open to unveil Emil the Seal, the FCA's finance-friendly mascot, delivering a blunt message about the dangers of investment scams.
The playful stunt cut through the rush-hour chaos, cajoling commuters to engage with the ATM with the promise of receiving a 'fortune'. Instead, as they approached the ATM, Emil the Seal delivered a 'fortunate' message urging commuters to 'check it’s real before you seal the deal', making them realise that what you see isn't always what you get.
The stunt is part of a new campaign from the FCA to promote its Firm Checker[2], a tool designed to help people quickly verify whether a financial firm is genuine and authorised before handing over their money.
The light-hearted moment comes against a serious backdrop. In the 12 months to May 2024, according to the latest FCA data, around 700,000 adults experienced an investments-related fraud or scam.
The FCA's pop-up ATM was designed to stop people in their tracks and challenge the instinct to rush into offers that seem too good to be true – a tactic scammers rely on to pressure victims into quick decisions.
Sheree Howard, executive director of authorisations at the FCA, said:
'Checking isn’t hesitation - it’s the new power move. Scammers thrive on urgency and excitement, which is why we’ve used Emil the Seal to break that spell and remind people to always stop and check whether a financial firm is genuine and authorised before sealing the deal. Our new Firm Checker tool gives consumers a fast and simple way to see if a firm is FCA-authorised and help avoid scams.'
Despite growing awareness of fraud, and while most UK adults say they always or usually reject unsolicited contact about pension or investment opportunities (72%), check their bank and credit card statements regularly for any unfamiliar transactions (68%), or ignore unexpected website links, including those sent by family and friends (62%), the data on the number of people losing money suggests people are still skipping this final, crucial step.
The FCA is urging consumers to make firm-checking a habit – just like locking the front door – before committing any money.
The quick and easy-to-use tool helps people avoid scammers pretending to be genuine firms. It enables people to check the contact details of financial firms to make sure they match those listed on the Firm Checker.
Bottom line: if the deal looks exciting, urgent or 'too good to miss', stop, check the firm, and only then decide whether to invest.
Visit the Firm Checker[2] to check the firm has the correct permissions and always use the contact details listed to ensure the firm is authorised.
To support the campaign, media will be running on TV[3], radio and social media platforms.
Notes to editors
- All statistics cited were sourced from the FCA Financial Lives report 2024 (PDF)[4].