View more on these topics

Watch out for fake firm claiming to be Octopus

Octopus Investments has warned its VCT clients that a third party is misusing its name and says shareholders have been contacted as part of an illegal boiler room scam.

The company says the third party has tried to acquire clients’ shares or sell them shares in companies which have little or no value and may even be fictitious.

Octopus is one of the leading players in the venture capital trust sector, with around £250m of assets under management.

Managing director Guy Myles says: “We were made aware last week that a number of our investors were being targeted by what we can only describe as illegal operations.

“All we know at this stage is that they are claiming to be connected with us, which is not the case. We understand they are asking for personal information or for investors to make investments and effectively steal money from our customers.”

Myles says that Octopus has informed the FSA of the problem and is trying to warn as many people as possible about the scam.

Earlier this year, the FSA issued a warning to investors following a dramatic increase in overseas fraudsters selling shares using the names, registration numbers and addresses of FSA-authorised firms and individuals.


Metlife opts for flexible over fixed-term annuity

Metlife has ruled out launching a fixed-term annuity but is planning a new flexible guaranteed income product to capitalise on the growing popularity of guaranteed retirement income. UK chief executive Dominic Grinstead says the company has looked closely at fixed-term products but has decided not to progress with that option. Instead, Grinstead says it is […]

EU to crack down on derivative markets

The European Commission has branded the European derivatives market the “wild west” as it looks to crack down on opaque practices in the sector. In an attempt to follow the US regulatory overhaul of unreported speculative trades between parties, EU commissioner for internal market and services Michel Barnier yesterday announced plans to make over the […]

IFA who aided multi-millionpound loan fraud is jailed

An IFA was sentenced to five and a half years in jail at Birmingham Crown Court last week for falsifying mortgage applications on behalf of a client. West Midlands Police say IFA Mark Campbell, of Oakwood Financial Management, assisted client Michael Browne to lead a multi-million-pound mortgage fraud racket in the Midlands. Browne, from Canley […]


Brooks Macdonald profits up 78%

Brooks Macdonald Group has reported annual profits of £5.68m, a year-on-year increase of 78 per cent from £3.47m.   As of the twelve months to 30 June 2010, the IFA and discretionary fund manager reported annual turnover at £35.1m, up 61 per cent from £21.8m on the last year. Discretionary funds under management totalled £2.19bn, […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment