Shareholders are advised to be very wary of any unsolicited advice, offers to buy EnQuest shares at a discount to their market value, or offers of free EnQuest reports. Such offers are typically from overseas based ‘brokers’ who target UK shareholders and will likely come with a request for settlement of the consideration of the shares, which the scammers require before the shares are delivered, which ultimately does not occur.
These operations are commonly known as 'boiler rooms'. These 'brokers' can be very persistent, extremely persuasive, and use sophisticated means to approach and convince investors.
If you receive any unsolicited investment advice:
- Make sure you get the correct name of the person and organisation
- Check that they are properly authorised by the FCA before getting involved. You can do so by checking the FCA website
- Report the matter to the FCA by calling their consumer helpline on 0845 606 1234 or by using their online share fraud and boiler room reporting form
If calls persist, hang up.
Protecting your investment against fraud
We strongly advise you to only deal with financial services firms that are authorised by the FCA. Keep in mind that authorised firms are unlikely to contact you without warning with an offer to buy or sell shares. If you deal with an unauthorised firm, you would not be eligible to receive payment under the Financial Services Compensation Scheme.
The FCA has further advice on steps you can take to protect yourself from boiler room fraud and how to stay safe from more investment scams. These can be accessed by clicking on the below links:
FCA: Protect yourself from investment scams
FCA: How to spot and avoid share fraud