Jonathan Phelan, the FSA’s head of unauthorised business said:

“This is the biggest list we’ve ever recovered and by acting quickly and contacting every single person on it we’re hoping we can stop people losing money. Boiler rooms fraudsters often sound professional so it’s easy to be drawn in by their overblown claims and give them money to invest. The reality is however that the shares are worthless or don’t exist and the money is lost forever.

Cold calling to sell shares is rarely allowed, so anybody who receives a call like this should be extremely sceptical. However, if you’re in any doubt at all, contact the FSA’s consumer helpline and we will be able to provide further guidance.”

Training video: if a phone call follows this pattern then it’s probably a boiler room:

In which case follow the FSA’s advice.