Online Investment Fraud - Keeping Yourself Safe

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If it sounds too good to be true, then it probably is. 

The Financial Conduct Authority (FCA) is warning the public about the increased threat of online investment fraud, particularly those offering investments in binary options, contracts for difference, forex and cryptocurrencies. These fraudsters are targeting the public online and via social media, so while potential scam victims have historically been the over 55's, the FCA's latest ScamSmart campaign found that those aged under 25 were six times more likely to trust an investment offer they received via social media. This shift in methodology by fraudsters comes as people have become more sceptical of cold calls and more people are online than ever before.

The websites and profiles that are used appear highly professional and can feature fake customer reviews, logos and statements. Prices on these types of fraudulent media are often fixed, tie people in with extreme pay-out clauses or do not place trades at all - once money has been handed over the fraudsters disappear leaving the investor with nothing.

Some of the warning signs that an investment opportunity may be a scam include:

• The promise of  'quick wins', guaranteed or high returns.
• Downplaying the risks associated with investing.
• Applying pressure to make a decision quickly, e.g. short availability periods.
• The offer of additional bonuses or discounts.

The FCA encourage the public to check its dedicated website www.fca.org.uk/scamsmart when considering any investment opportunity, and at the very least:

1. Reject unsolicited investment offers whether made online, via social media or over the phone.
2. Check the FCA Register to see if the firm or individual you are dealing with is authorised and check the FCA Warning List of firms to avoid.
3. Get impartial advice before investing.

Getting impartial advice before making any investment decisions is invaluable, and most financial advisers will be happy to discuss your investment needs at an initial meeting at no cost to the client. Personal recommendations from friends and family is a good way of finding an adviser, you can also find more information about finding a suitable adviser through the Money Advice Service. Ensuring that the individual or firm is authorised by the FCA also affords access to the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.

The FCA have very good instructions on their website regarding the use of the FCA Register and Warning list, in particular you need to ensure that you:

• Always access the Register from their website, rather than through links in emails or on the website of a firm offering you an investment. 
• Check if the firm’s ‘firm reference number’ (FRN) and contact details are the same as on their Register.
• If there are no contact details on the Register or if the firm claims they’re out of date, call the FCA Consumer Helpline on 0800 111 6768.

If you suspect an investment scam the best thing you can do is hang up on any unsolicited cold-caller, delete the email or ignore the advert. You should also report it to the FCA at www.fca.org.uk/scamsmart or call them directly on 0800 111 6768, this will allow any potential scams to be investigated and added to the warning list. They will also be able to advise you on what to do next if you believe you have already been the victim of an investment scam, by speaking to your bank or investment provider (if you are transferring an investment, i.e. a pension) it may be possible to stop a transaction going through.

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Fidelity - Outstanding Investment House 2015

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We are happy to announce that Morningstar, a leading provider of independent investment research in North America, Europe, Australia, and Asia, has named Fidelity as the Outstanding Investment House for 2015. 

The annual Morningstar awards recognise individual fund managers and fund groups that have made a substantial contribution to the retail investment management industry.

Jeremy Beckwith, director of UK manager research for Morningstar, said, “The awards draw on our extensive qualitative manager research to celebrate those in the UK investment industry who have achieved impressive returns and have been excellent stewards of fund shareholders’ capital over the long term.”

All of us here at GDA Financial Partners are delighted to know that the close relationship that we have forged with Fidelity help us to benefit our clients. Their extensive global network allows them to provide outstanding products and services that many of our clients have been able to take advantage of.

You can find out more about Fidelity by visiting their website: https://www.fidelity.co.uk/investor/default.page.

You can also find out more about the Morningstar awards and the other winners at: http://corporate.morningstar.com/us/asp/subject.aspx?xmlfile=174.xml&filter=PR5483.

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Cash ISAs vs Stocks & Shares ISAs

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Do you have or are thinking about an ISA? The type of ISA, whether Cash or Stocks & Shares, that is right for you will largely depend on how long you want to invest for and how much risk you are willing to take.


Cash ISAs

• Good if you want to invest for less than five years, or where you don't want to take any investment risk*.
• Interest will be added to your Cash ISA every year or more frequently.
• Normally allow instant access to your investment, but if you do have a fixed term account you may lose interest if you make a withdrawal before the term is up.
• No investment choice. You receive interest on your savings at a fixed or variable rate.
• You can invest up to £15,000 in the 2014/15 tax year and you can split this between a Cash ISA and Stocks & Shares ISA as you wish. 

Stocks & Shares ISAs

• Good for investing for five years or more, and when you want to share in the potential growth in stockmarkets.
• The value of your ISA can fall as well as rise depending on the performance of your investments.
• You are able to make withdrawals from your ISA and this is usually within 8 to 10 days.
• You can choose from a wide range of investments including funds, trusts, bonds and individual shares to be held within your ISA.
• You can invest up to £15,000 in the 2014/15 tax year and you can split this between a Cash ISA and Stocks & Shares ISA as you wish. 

If you have any queries regarding your investments our Independent Financial Advisers are always happy to answer your questions, we offer 'no obligation' initial meetings and can help you find the perfect fit for your situation.

* If the inflation rate is higher than the interest rate you receive then even though you will see an increase in the value of your investment, it will be eroded in real terms.



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