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Too good to be true – generally yes

The Financial Conduct Authority (FCA) is urging over 55s to take their time to check that investment ‘opportunities’ are legitimate before they hand over their money. This comes as new research by the FCA reveals a fifth (22%) of over 55s, with above average incomes, suspect they were targeted by a fraudulent investment scam in the past three years, rising to a third (32%) of those aged 75 and over.

Whilst a ban on cold calling would be a quick solution, this still seems some way off. If someone calls you out of the blue to discuss an investment opportunity, immediately be on your guard. Fraudsters are targeting affluent individuals, trawling share registers and the like to find potential investors to trick. If you have never heard of the company, if you are put under time pressure, faced with aggressive sales patter, offered a safe investment opportunity paying high returns then it is highly unlikely to be a genuine offer. The FCA on their website have a list of fraudulent firms and you are also able to report scams on the website. http://scamsmart.fca.org.uk/ 

The average investor loses £37,000. The fraudsters are very convincing and very persistent. Targets talk of persistent phone calls.  If you want to invest, do your research and pick a reputable firm of your choosing to advise you. 

 

 

Date: 21st December, 2016
Author: Anne McClean

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