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Financial Shenanigans

September 8, 2007

Well, we must finally have arrived. Last week we had our first unsolicited financial services call. The company called on the home phone number and wanted to speak to Ian, inviting him to meet with one of their representatives to discuss ways to maximise his income. Mands took the call and did a small double-take when she recognised the name of the company.

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Calling them a boiler room would be a little strong and would, in all likelihood result in some unpleasantness as the company are known to be particularly litigious especially with regards to defamation. It’s probably fairer to say that they have a reputation for hard selling over-priced inappropriate financial products to people who might not be financially savvy or might lack key information because they are overseas. Financial and ex-pat forums are full of tales of woe from people who have bought shares or made investments via companies like this only to lose tens of thousands of pounds.

The company that called us apparently have the dubious distinction of being the only financial company ever to be kicked out of Panama for dodgy dealings. Come-on, Panama? Surely you really, really have to go some distance to get thrown out of Panama for misbehaving?

Anyway, we won’t be calling back any time soon to make an appointment with their advisor but should they call again we might just have a little fun on the phone with them. Meanwhile, if you ever get an unsolicited phone call like this then make sure you check the FSA’s lists of Unathorised Firms and Individuals which is part of their Scams page.

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