skip to main content

Shareholder Scams Warning

The Financial Conduct Authority (FCA) have released guidance, for investors, on how to reduce the likelihood of being a victim of fraud. The FCA has found most share fraud victims are experienced investors who lose an average of £20,000, with around £200m lost in the UK each year. 

In recent years, the number of shareholders receiving unsolicited phone calls or correspondence concerning investment matters has increased. These are typically from overseas-based 'brokers' who target UK shareholders, offering to sell them what often turn out to be worthless or high-risk shares in US or UK investments. Shareholders are advised to be very wary of any unsolicited advice, offers to buy shares at a discount or offers of free company reports. These 'brokers' can be very persistent and extremely persuasive. 

We are not aware of any Telecom Plus investors having been targeted, but we would urge you to remain vigilant. It is not just the novice investor that has been duped in this way; many of the victims had been successfully investing for several years. 

If you are contacted

  • Make sure you get the name of the person and organisation and make a record of any other information they give you. e.g. telephone number, address, web address;
  • Check the caller is properly authorised by the FCA before getting involved by visiting Financial Services Register
  • If the caller persists, hang up; 
  • Report the matter to the Financial Conduct Authority.

The financial conduct authority

The FCA can be contacted in respect of unauthorised firms by completing an online form available by clicking on the link below, or by calling 0845 606 1234. 

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

FCA online reporting form

Further information on how to avoid share fraud may be found on the 'FCA leaflet on share fraud’.