MP Julian Huppert is backing a campaign to protect people from investment scams.
The campaign has been launched by the financial regulator, the Financial Conduct Authority to help potential victims of investment fraud.
Julian was shown the FCA’s new Scamsmart website which gives advice to investors and highlights the names of some of the company’s which have made bogus calls.
He warns: “If you receive an unexpected phone call offering you an investment opportunity it’s highly like it’s a scam. These callers use high-pressured sales tactics for products which often don’t exist.
“Their potential victims are often retired people looking to make investments. If a deal is too good to be true it’s very often a scam to get you to part with your money.”
Martin Wheatley, Chief Executive of the FCA said: “Those operating investment scams use very sophisticated techniques to build trust and can dupe even experienced investors out of their savings.
“We would caution against anyone taking a risk on a firm or individual who isn’t authorised by the FCA. Our message is simple, don’t accept a cold call.”
The average investor loses around £20,000 and the FCA receives around 5,000 calls a year from investors about suspected investment fraud.
Anyone considering an investment is advised to check the FCA ‘Scamsmart’ website, www.fca.org.uk/scamsmart, and seek independent financial advice from a regulated professional before going ahead.
Julian is pictured checking out the new Scamsmart website with Emma Stranack FCA Head of Consumer Communications.