Brewin Dolphin, the UK's largest independent provider of private client investment management and financial planning services with an office in Marlborough, has warned investors to be on their guard against so-called boiler room' fraud following revelations by BBC's Working Lunch programme that more than 500 Spanish could be currently targeting the UK.
Boiler rooms, small companies who use high-pressure sales techniques to encourage the public to buy shares that often turn out to be of little or no value, have become an increasing problem in recent years.
Brewin Dolphin is reminding investors of the benefits of transferring shares to nominee accounts, which removes their name from the public domain, making them invisible to fraudsters.
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Charlotte Black, director at Brewin Dolphin said: "It is crucial investors ensure they only trade through companies that are fully compliant with FSA regulations. Investors should only accept financial advice or enter into transactions with qualified financial advisers.
"With a bewildering array of investment options available, investors should seek professional advice to ensure the financial products selected are tailored to their own needs and risk profile."
Brewin Dolphin has warned in the past about the dangers of boiler rooms', and indeed, how to avoid falling foul to fraudulent activity. Its legal department works closely with the Financial Services Authority to prevent clients, and the industry, from becoming victims to financial fraud.
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