View more on these topics

FSA warns of Pacific Continental share scam

The FSA is warning that at least ten “recovery firms” are targeting a scam at investors who bought shares through Pacific Continental Securities Ltd.

Investors who originally bought shares through Pacific Continental have complained to the FSA that they are being cold-called by firms offering to buy the shares, or to put them in touch with a buyer for a fee.

The firms offer to buy shares at an attractive price but demand an advance fee and as soon as the fee is paid the firm disappears with the money and without purchasing the shares.

The regulator says the firms are often calling from outside the UK, are not authorised by the FSA and are not permitted to approach UK consumers to promote financial services.

Pacific Continental went into administration in June 2007 and is now in liquidation.

The FSA says it is looking into the complaints.

Recommended

Discount deals

Investing in closed-ended funds over the past 20 years provides a good deal of perspective on the investment trust cycle and I find it inconceivable that discounts will remain as wide as they are at present.

No alarms and no surprises

This week saw the demise of The Mortgage Business, HBoS’ packager lender, an unsurprising indication for many of how precarious the mortgage packager market has become.

Bond sales fall by a quarter

The Association of British Insurers is blaming a combination of poor economic conditions and changes to capital gains tax for falling investment bond business in the second quarter of 2008.It says single-premium investment bond sales were down by 26 per cent to £6.86bn in Q2 compared with the same period last year.Spokesman Jon French says: […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment