Watchdog to tackle shares scams

The FSA is hosting a conference about share-selling scams

The UK's financial watchdog plans to tackle financial scams - such as "boiler room" frauds - being targeted at the elderly in the UK.

The Financial Services Authority (FSA) said that 35% of people being targeted by share fraudsters in the last year were aged over 65, according to a poll.

A financial crime-tackling conference was held in London on Monday.

Boiler rooms are defined as share selling operations operating abroad, which are unauthorised by the FSA.

Plans

The conference covered the effect of the recession on the prevalence of scams, as well as the techniques used by criminals and the psychology involved.

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"Fraudsters, like all criminals tend to prey on the most vulnerable people and our research shows this is definitely the case with criminals who commit financial crimes," said the FSA's Chris Pond.

The watchdog's findings echo similar research by the Office of Fair Trading on mass-marketing scams in December 2006, and the problem has persisted.

The FSA promised to work closer with the charity Age Concern and Help the Aged, although there appeared to be few tangible new methods announced to tackle the problem. A new page has been added to the FSA's "Money Made Clear" website with advice on avoiding financial fraud.