Warning to shareholders
Share fraud includes scams where investors are called out of the blue and offered shares that often turn out to be worthless or non-existent, or an inflated price for shares they own. These calls come from fraudsters operating in ‘boiler rooms’ that are mostly based abroad.
While high profits are promised, those who buy or sell shares in this way usually lose their money.
Here is a link to a FCA Share fraud warning leaflet, agreed with the Financial Conduct Authority, telling investors and shareholders what to do if they receive unsolicited approaches, normally by telephone, inviting them to undertake a transaction.
If you do not know the source of the call, check the details against the FCA website below and, if you have any specific information, report it to the FCA using the Consumer Helpline or the Online Reporting Form.
If you have any concerns whatsoever, do not take any action and do not part with any money without being certain that:
- You fully understand the transaction
- You know who you are dealing with and that they are registered with and authorised by the FCA
- You have consulted a financial adviser if you have any doubts. Remember, if it sounds too good to be true, it almost certainly is. You run the risk of losing any money you pay out.
If you use an unauthorised firm to buy or sell shares or other investments, you will not have access to the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.
If you are worried that you may already have been a victim of fraud, report the facts immediately using the Action Fraud Helpline. Should you want any more information about ‘boiler room’ and other investment-type frauds, you will find a great deal on the two websites below:
Action Fraud Helpline
0300 123 2040
Action Fraud Website
FCA Consumer Helpline
0845 606 1234
FCA Scams & Swindles Website