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Seven arrested in FSA operation against boiler rooms

Seven people have been arrested after the FSA, in co-operation with police, raided a number of premises in the South East of England as part of its investigation into boiler room scams.

The seven arrests comprise six males and one female, and span across Surrey, West Sussex, London and Hertfordshire.

The investigation, which is being conducted with assistance from Eurojust, Europol, the anti-money laundering unit of the Malta Police, and several European law enforcement agencies, focuses on share fraud and boiler room activity in the UK and Europe.

So far share fraud and boiler room activity in the UK and Europe has taken approximately £28m of victims’ funds.

As part of the operation the FSA has been working in close cooperation with the City of London Police Economic Crime Directorate and with assistance from Hertfordshire Constabulary Fraud Squad and the Crown Prosecution Service Fraud Prosecution Service.

The FSA is now urging consumers to hang up on any unsolicited cold calls from parties attempting to sell shares. For more information about share scams, including boiler rooms tips on how consumers can protect themselves and warning lists of firms the FSA know operate in this way see the Moneymadeclear website.


NatWest fails new test

A Which? investigation into NatWest’s MoneySense service has borne out Money Marketing’s findings that it is sometimes failing to deliver on its promise of impartial advice.

Whittaker stepping down at RBS

Royal Bank of Scotland finance director Guy Whittaker is to step down from his role and the RBS board.

Approval for ifs diploma to meet QCF standards

The ifs School of Finance says Ofqual has formally approved amendments to its level four diploma for financial advisers, designed to meet QCF level 4 requirements.

India correction: a terrific entry point?

By Kunal Desai, head of Indian Equities, Neptune A key concern for investors who were looking at India afresh has been the rich valuations and strong prior performance. We view the correction in the market through short-term growth concerns from demonetisation as a terrific entry point for the long-term investor. Investors should not be overly concerned […]


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