Shareholders are advised to be very wary of any unsolicited advice they have not specifically asked for, including: unsolicited offers to manage or sell the shareholder’s RWS shares, offers to sell other company’s shares to the shareholder at a discount or offers of free company reports.
The calls or correspondence are typically from people stating they are ‘brokers’ based overseas and their offer to buy or resell the investor’s shares in RWS will usually be at inflated prices and any offer of shares for sale often turn out to be worthless or high risk shares, commonly known as ‘boiler room’ scams.
These ‘brokers’ can be very persistent and extremely persuasive and it is not just the novice investor that has been duped in this way; many of the victims have been successfully investing for several years.
If you receive any unsolicited investment advice:
- Make sure you get the correct name of the person and organization
- Check that they are properly authorized by the FCA before getting involved by visiting www.fsa.gov.uk/register/home.do
- Report the matter to the FCA by calling 0800 111 6768 or by completing the online form www.fca.org.uk/consumers/scams/investment-scams/share-fraud-and-boiler-room-scams/reporting-form
- Inform the company’s registrar Link Asset Services. By phone in the UK: 0871 664 0300, from overseas call +44 (0) 371 664 0300. Calls cost 12p per minute plus your phone company’s access charge. Calls outside the UK will be charged at the applicable international rate. Lines are open between 09:00 – 17:30, Monday to Friday excluding public holidays in England and Wales. By email: email@example.com
- Do not provide any personal details e.g. bank details or full registered address
- Do not send your share certificate(s) to anyone
- If the calls persist, hang up
The FCA also maintains on its website a list of unauthorized overseas firms who have targeted UK investors. If you deal with an unauthorized firm, you will not be eligible to receive payment under the Financial Services Compensation Scheme.
More detailed information on boiler room scams or similar activity can be found on the FCA website.