The Second Approach Follows the First Loss
A recovery scam contacts people who have already lost money, often to an investment fraud, and offers to get that money back. The approach is timed to the moment a person most wants to believe a loss can be reversed.
The caller or website may claim to be a law firm, a recovery specialist, a government body or the FCA itself. Some know the amount lost and the name of the original scheme, which makes the offer appear informed rather than opportunistic.
Pursuing a Claim for You Is a Regulated Service
In the UK, a firm that offers to pursue a financial claim on your behalf is carrying out claims management, and it must be authorised by the FCA to do so. That status, and the permission for claims management, can be confirmed on the FCA Register, reached by typing register.fca.org.uk yourself.
A firm that is not authorised offers no access to the Financial Ombudsman Service and no Financial Services Compensation Scheme cover. A second loss is then as unrecoverable as the first.
A Fee Paid Before Recovery Gives It Away
Recovery scams ask for money before anything is returned: an administration fee, a legal fee, a tax said to be due on the recovered sum, or a release charge, frequently requested in cryptoassets.
The FCA, the police, the Financial Ombudsman Service and the Financial Services Compensation Scheme do not charge to help you. A request to pay in order to be paid is the clearest single indicator of a recovery scam.
The Free Routes Come First
Contact your bank as soon as a fraud is suspected. Most UK banks can be reached on 159, which connects to the fraud team of the bank you choose. Payments made to a fraudster by bank transfer on or after 7 October 2024 may be reimbursed under the Payment Systems Regulator's rules, up to £85,000, if the claim is made within 13 months of the last payment.
Where the loss involved an authorised firm, a complaint to that firm and then to the Financial Ombudsman Service costs nothing. If an authorised firm has failed, the Financial Services Compensation Scheme handles claims directly and free of charge.
If You Have Been Contacted
Do not pay, and do not share account or identity details. Report the approach to the FCA on 0800 111 6768, and report any fraud to Report Fraud on 0300 123 2040, or to Police Scotland on 101 if you live in Scotland.
How MetaAshes Examines This
A MetaAshes assessment cross-references a firm's details against the official record in a single pass. For this question, the most relevant checks include:
- Recovery room approaches
- Authorisation status
- Scope of regulatory permissions
- FCA Warning List screening
- Withdrawal and release fees
- Sums requested and paid
Frequently Asked
Is it worth paying a firm that says it can recover my money?
Check the firm on the FCA Register before you pay anything. A genuine claims management firm is authorised for that activity, and the free routes, through your bank and the Financial Ombudsman Service, should be tried first.
Can the FCA get my money back?
No. The FCA does not recover individual losses and never contacts people offering to. A caller who says otherwise is not from the FCA.
How does MetaAshes assess a recovery offer?
A MetaAshes assessment tests the firm's authorisation and permissions, its contact details against the official record, the FCA Warning List and the fees requested, and records the evidence behind its verdict.
This guide is provided for general information and does not constitute financial or legal advice.