The FSA has today issued an alert that at least ten ‘recovery firms' are targeting a scam at investors who bought shares through Pacific Continental Securities (UK) Ltd.
Many investors who originally bought shares through Pacific Continental, which is now in liquidation, have complained to the FSA 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 FSA is currently investigating these complaints. These so called ‘recovery firms’, often calling from outside the UK, are not authorised by the FSA and are not permitted to approach UK consumers to promote financial services, the regulator warns. Commonly known as 'recovery rooms', these firms offer to buy the shares at an attractive price bu...
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