Boiler Room Scams

APCIMS Press Release: APCIMS Guide to spotting the Boiler Room

List of useful FSA webpages.

1. Alert list of Unauthorised Overseas Firms: www.fsa.gov.uk

2. FSA Consumer Website - Boiler Rooms and Share Scams: www.moneymadeclear.fsa.gov.uk

3. FSA Consumer Website - Cold Calls / Reg S restricted shares: www.moneymadeclear.fsa.gov.uk

4. FSA Publication "Share Investment Scams" : www.moneymadeclear.fsa.gov.uk

5. City of London 'boiler rooms' webpage, Operation Archway (boiler room reporting): www.cityoflondon.police.uk

A boiler room tactic: Cold callers or boiler rooms purport to be from FSA authorised firms, claiming the firm's or the individual's name and FSA reference number, and referring the consumers to the FSA Register for verification. A warning about this is found at www.moneymadeclear.fsa.gov.uk under "Protect Yourself" . The FSA's recommendation as per the website is that any consumer approached by a firm claiming to be FSA authorised should contact the firm / individual via the details given on the FSA Register to verify this.

The FSA recommends that consumers should hang up if cold called about buying or selling shares, and that consumers should always check the FSA Register to see if a firm is authorised in the UK before dealing with it.

Consumers who deal with an unauthorised firm have no recourse to the UK's complaints and compensation procedures.