Unsolicited investment advice

Beware of unsolicited calls or correspondence

Companies are aware that some of their shareholders have received unsolicited phone calls or correspondence concerning investment matters which imply a connection to the company concerned. These are typically from overseas based ‘brokers’ who target UK shareholders offering to sell them what often turn out to be worthless or high risk shares in US or UK investments. Shareholders may also be advised that there is an imminent offer for the company, and the caller may offer to buy shares at significantly above the market price if an administration fee is paid. This is known as ‘boiler room fraud’.

They can be very persistent and extremely persuasive and a 2006 survey by the Financial Services Authority (FSA) has reported that the average amount lost by each investor is around £20,000. It is not just the novice investor that has been duped in this way; many of the victims had been successfully investing for several years. Shareholders are advised to be very wary of any unsolicited advice or offers to buy shares at a discount.

If you receive any unsolicited investment advice of this nature:

Make sure you get the correct name of the person and organisation and make a record of any other information they give you, e.g. telephone number, address etc.
If you receive telephone calls, emails or letters purporting to be from BP or from companies endorsed by BP and you are unsure if they are legitimate, please contact us for clarification.
Check that they are properly authorised before getting involved. You can check the FSA register if the caller claims to be a UK broker, or the Securities and Exchange Commission register if the caller claims to be a US broker.
If calls persist, hang up.
Report the matter to the FSA in the UK or SEC in the US.

Check the FSA register

Check the SEC register

The Financial Services Authority

The FSA can be contacted in respect of unauthorised firms by completing an online form available by clicking on the link below, or by calling 0845 606 1234. If you deal with an unauthorised firm you will not be eligible to receive payment under the Financial Services Compensation Scheme.

FSA online reporting form

FSA share fraud warning leaflet (pdf, 142KB)

FSA Scams & swindles website

The Securities and Exchange Commission

If you receive calls regarding investing in US shares, for example shares in US companies that are about to float on the stock market but can only be sold to non-US citizens, please check that the caller is authorised by the Securities and Exchange Commission (SEC). To check the SEC register:

Check the SEC register

Useful links:

List of unregistered entities that have been the subject of complaints

List of fictitious governmental agencies

What to do if you have been a victim of boiler room fraud

If you think you may have been a victim of boiler room fraud, you should report the matter to your local Police Station or to Action Fraud. Action Fraud is the UK’s national fraud reporting centre and you can contact them on 0300 123 2040.

Action Fraud website

Further information regarding Boiler Room Fraud is available on the City of London Police website:

Boiler Room Fraud - City of London website

ProSearch - Lost shareholders

We have previously conducted a search programme with ProSearch, who specialise in the business of research, identification and the reuniting of unclaimed assets with the aim of returning a significant amount of unclaimed dividends. There are no search programmes currently underway.If you are not sure whether you still hold shares in BP please contact Capita Registrars for further assistance.

The BP Registrar
Capita Registrars
The Registry, 34 Beckenham Road
Beckenham
Kent BR3 4TU

Tel (UK): 0800 701 107
Overseas number: +44 (0)20 3170 3678