More needs to be done to protect people from investment related fraud, one body has urged.
According to the Financial Services Authority (FSA), the British public is being conned out of £300 million through so-called boiler room fraud.
The practice sees brokers cold call people and encourage them to invest in stocks that are essentially worthless at inflated prices.
According to Margret Cole, FSA director of enforcement, many of these schemes originate outside of the UK and because of this there needs to be an international effort to protect investors .
She said: "We need to provide credible deterrence against these criminal operations and I'm convinced that by working in partnership, together we can make a real impact."
According to the FSA, around 30,000 UK-based investors a year fall victim to a boiler room scam.
Yesterday, Barclays Wealth announced that it is to launch a new five-year investment bond which offers people 100 per cent capital protection.
Action needed over investment scams, FSA states
Action needed over investment scams, FSA states
Tue, 11 Nov 2008
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