The financial watchdog has revamped its register to flag unauthorised firms.

The UK's Financial Conduct Authority is including unauthorised firms on its financial services register for the first time to warn consumers of rogue businesses.

The regulator said firms that are providing regulated products or services without the required authorisation – or are knowingly running a scam – will be included in the register as of 7 September.

“These firms will be highlighted in search results by red text and a warning symbol to make clear that we think you should avoid dealing with them or individuals involved,” the FCA said.

The new register will allow consumers to find a firm, individual or collective investment scheme by looking up its name, reference number or postcode. The service will reveal the permissions a firm has or whether it is covered by the Financial Ombudsman Service and Financial Services Compensation Scheme.