The number of victims of investment scams has risen by 10% in the past year
Investment scams has risen by 10% in the past year.
In the last year, there have been over 3000 victims of fraudulent investment Scams. The scams have been stealing a total of more than £75,000,000. In fact, there has been a dramatic increase in Charlatans offering bogus financial advice; whilst trying to convince members of the public that they are bona fides investment firms.
The Boiler Room Scam
The scam process used is known as ‘a boiler room’ scam with teams of conmen making high pressure sales calls targeting mostly men around age 65. These particular characteristics are what scammers are preying on due to the recent changes in the law surrounding pensions meaning retirees can flexibly drawdown large sums from their pensions meaning they have access to substantial large amounts of money.
Fraudulent investment companies will cold call you claiming they are from a city based financial firm offering you an investment with guaranteed rates of return; the company will often even provide counterfeit financial paperwork showing an individual’s profit. However do not be misled by how convincing the person might sound or the reliability they portray.
The Financial Conduct Authority
If you are concerned that a company or business you are in contact with may be fraudulent; The Financial Conduct Authority (FCA) advises you to use their warning list tool to check the company is FCA authorised. Please find the website link to the warning list tool below.
Moreover, for more help and information and to speak with one of our independent financial advisers please email us at [email protected] or contact us on 01273 208 813
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IEP Financial is authorised and regulated by The Financial Conduct Authority (FCA)
The value of investments can fall as well as rise and past performance is not a guide to the future. The content of this publication is for information only. It does not represent personal advice or a personal recommendation, and should not be interpreted as such. Please do not act upon any part of it without first having consulted an Independent Financial Advisor’
