Share Fraud and Boiler Room Scams
Many companies have become aware that their shareholders have received unsolicited phone calls or correspondence concerning investment matters. These are typically from overseas based 'brokers' who target UK shareholders, offering to sell them what often turns out to be worthless or high risk shares in US or UK Investments. These operations are commonly known as 'boiler rooms'.
Shareholders are advised to be very wary of any solicited advice, offers to buy shares at a discount or offers of free company reports.
If you receive any unsolicited investment advice:
- Ensure you get the correct name of the person and organisation
- Check the FCA register before getting involved at www.fca.org.uk/register
- Use the details on the FCA register to contact the firm
- If there are no contact details on the Register or you are told they are out of date, call the FCA Consumer Helpline on (0800 111 6768)
- Search FCA list of unauthorised firms / individuals to avoid doing business with
If you use an unauthorised firm to buy or sell shares or other investments, you will not have access to the Financial Ombudsman Services or Financial Services Compensation Scheme (FSCS) if things go wrong.