Warning to Shareholders
Unsolicited investment advice
A number of companies have become aware in recent years that their shareholders have received unsolicited phone calls or correspondence, often from overseas firms, concerning investment matters. Typically, these are from overseas based “brokers” who target UK shareholders with a proposed offer for their shares or with an offer to sell them what often turn out to be worthless or high risk shares in US or UK companies. Requests have also been made to shareholders for personal information and shareholding proof in order to proceed. It is not only novice investors that have been duped in this way. Many victims have been investing for years.
So, if you receive any unsolicited investment advice, it is suggested that you:
Make sure that you record the correct name of the person and their organisation;
Check whether the firm is properly authorised by the FCA before you become involved. You can check at www.fca.org.uk;
If the organization is not authorised, they may be known to the FCA and appear on their list of unauthorised firms and individuals at this link.
It is recommended that you do NOT deal with any person or firm that appears on this list. If calls persist, you should hang up.
If you deal with an unauthorised firm, you will not eligible to receive payment under the Financial Services Compensation Scheme should you suffer any subsequent loss. Contact details for the FCA can be found on the FCA website at this link. More detailed information on share scams can be found on the FCA website at this link.
If you have already invested in a scam, fraudsters are likely to target you again or sell your details to other criminals.
The follow-up scam may be completely separate or related to the previous fraud, such as an offer to get your money back or to buy back the investment after you pay a fee.
If you have any concerns at all about a potential scam, contact the FCA immediately.
The FCA’s consumer helpline number is:
UK: 0800 111 6768 (freephone) or 0300 500 8082;
From aboard +44 207 066 1000 from abroad.
FCA is open Monday to Friday, 8 am to 6 pm and Saturday 9 am to 1 pm.
The FCA’s consumer helpline email address is: consumer.queries@fca.org.uk