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Boiler Room Scams
What they are and what to look out for
We take our customers’ inancial security very seriously. So we wanted to
highlight the threats around so-called Boiler Room Scams. There’s no need to
worry but as the saying goes, forewarned is forearmed.
What is a Boiler Room?
Boiler Rooms are businesses that use high-pressure sales techniques to sell
‘sure thing’ investments with the promise of massive returns. In fact, what
they’re selling is worthless stock in often unquoted companies that are either
overvalued, or simply don’t exist at all.
How they work
Boiler Room operatives generally cold-call their targets, using phone numbers
from publicly available shareholder lists. Because it’s against the law for
investment companies to cold-call in the UK, they tend to be based abroad
(often Spain, Switzerland, or the US) where they’re beyond the jurisdiction of
the Financial Services Authority (FSA).
Boiler Room techniques
A Boiler Room can look and sound legitimate. They may mention companies
you’ve heard of, give themselves a UK address or phone number, and have a
professional looking website. They’re notoriously persistent, and can hound a
victim for months in the hope of a sale, catching out even seasoned investors.
According to the FSA, Boiler Room Scam victims lose on average £20,000.
Remember, as a general rule, if an opportunity sounds too good to be true,
then it almost certainly is.
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What to do if you’re called
If you think you’re being targeted by a Boiler Room, the FSA’s advice is not to
worry about being polite, just hang up. You should then dial the FSA contact
centre on
0845 606 1234
with as much detail as you can remember. You’ll ind
more information about Boiler Rooms on the FSA website
www.fsa.gov.uk
We hope you’ve found this information useful but if you have any questions
about staying safe, give us a call and we’ll be happy to help.
Contact us on
08457 404 404
* (lines are open 8.00am to 10.00pm every day).
If you are a Premier customer, please call
08457 70 70 70
** (lines are open
24 hours a day, 365 days a year).
*Calls may be monitored and/or recorded. Textphone: 1800 108457 125563.
Overseas telephone: +44 1226 261010.
**Calls may be monitored and/or recorded. Premier overseas telephone:
+44 1226 260260. Overseas textphone: +44 2020 882077. Premier Direct
Relationship Management service available 8am to 8pm weekdays and 8am
to 6pm weekends (except Christmas Day, Boxing Day and New Year’s Day).
HSBC Bank plc
, Customer Information Service, PO Box 757, Hemel Hempstead, Hertfordshire HP2 4SS.
Registered in England number 14259. Registered Ofice: 8 Canada Square, London E14 5HQ. Authorised and
regulated by the Financial Services Authority.
IN0082_SI 03/12 St Ives, Leeds © HSBC Bank plc 2012. All Rights Reserved.
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