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Shares: Sales Methods

Volume 476: debated on Thursday 22 May 2008

To ask the Secretary of State for Foreign and Commonwealth Affairs what recent steps his Department has taken to improve co-operation at bilateral level to tackle boiler room fraud operations targeting British people but based in other EU member states. (207277)

The hon. Member is aware of the damage that can be done through boiler room fraud. The Government take the issue of investment scams, including that of boiler room fraud, very seriously. The Home Office, the Financial Services Authority (FSA), City of London Police and Consumer Direct all work hard to raise awareness of the problem and give advice on recognising and reporting boiler room fraud accordingly, as is evident from their websites.

To date, my right hon. Friend the Foreign Secretary has not had direct discussions on boiler room fraud with the countries mentioned. The Foreign and Commonwealth Office network abroad are engaged on all areas of serious and organised crime.

The Serious Organised Crime Agency, the Serious Fraud Office and the FSA will continue to work successfully together through the newly created multi agency taskforce, Operation Archway, co-ordinated by the City of London Police to pool expertise and share national intelligence to fight against this crime.