Boiler Room Scams
This section contains information on Boiler Rooms scams and how you can protect yourself by avoiding investment and pension scams.
A boiler room sells questionable shares via unsolicited telephone calls. It typically refers to a situation where a salesperson uses unfair, dishonest and highly pressurised sales tactics on members of the public; this may range from selling penny stocks to committing outright stock fraud.
Be wary of unsolicited calls offering you shares in a company you’ve never heard of.
Don’t be afraid to put the phone down and always check if the firm is authorised by the Financial Conduct Authority.
To do this visit the FCA Register or call the FCA Consumer Helpline on 0845 606 1234.
If you do buy the shares you may find they are worthless. Also please remember that if the scam is based overseas (as they often are) you may not have the right to claim compensation.This flyer provides information about boiler room scams and gives you tips on how to protect yourself.
- Check the FCA Register
Click the above link to check if the firm contacting you is FCA authorised. Fraudulent firms will often ‘clone’ the details of authorised firms so if you find the firm call the number listed on the FCA register to make sure the person you spoke to works for them.
- Report your suspicions
Report your suspicions to FCA by completing their share fraud and boiler room scams reporting form.
- Read FCA’s infographic on being a ScamSmart Investor
This flyer infographic provides information and statistics about being a smart investor.
You can contact the FCA via email at [email protected] or call their Consumer Helpline on 0845 606 1234.