FSA issues boiler room form for victims

The FSA has developed an online form in addition to its helpline, to customers who suspect themselves contacted by share fraudsters, who often call investors out of the blue offering to buy or sell shares, options and futures.

As part of its consumer information site, the FSA has warned investors that firms and advisers selling, promoting or advising on shares require its authorisation to do so.

It said here are many unauthorised firms, which are usually based abroad but claim to be in the UK, targeting to sell investors worthless, overpriced or even non-existent shares.

The FSA has asked investors who have been contacted by share fraudsters or a boiler room to provide as much information as they can about the company or adviser involved, including customers’ personal details, the unauthorised firms’ details and details of the transaction.

Customers should complete separate forms if they have been contacted by several firms or advisers.

The new forms can be accessed here: FSA forms

However, Kevin Tooze, managing director of Essex-based IFA Equity Partners UK Ltd, said: “The new form is unnecessary. When we report crime all we need is just simplicity.

“Too much communication and emails will make it very difficult for individuals to catch up all the information. I think a phone call is best way to do this.”