Boiler room scams

Companies have become increasingly 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, either trying to sell them what often turn out to be worthless or high risk shares in US or UK investments or advising that there is an imminent offer from the Company they own shares in and offering to buy their shares at a price significantly above the market rate. This may involve the payment of an administration fee or transferring the shares to the caller. These operations are commonly known as 'boiler rooms'. The callers, or brokers, can be very persistent and extremely persuasive. They often have websites which appear to support their activities. 

Shareholders are advised to be wary of any unsolicited advice, offers to buy shares at a discount or offers of free company reports. 

If you receive any unsolicited investment advice:

  • Make sure you get the name of the person and organisation and make a record of any other information they give you
  • Check that the caller is properly authorised by the Financial Conduct Authority (FCA) by visiting www.fca.org.uk/register 
  • Report the matter to the FCA either by calling 0800 111 6768 or using the FCA Online reporting form
  • Report the matter to Action Fraud by calling 0300 123 2040 or visiting the Action Fraud website
  • If the caller persists, hang up the phone

If you deal with an unauthorised firm, you will not be eligible to receive payment under the Financial Services Compensation Scheme. 

Details of any share dealing facilities that the company endorses will be included in company mailings.

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