BOILER ROOM FRAUD

That this House recognises that boiler room fraud is a serious organised crime affecting constituents across the United Kingdom; is shocked that last year ruthless criminals defrauded tens of thousands of victims of an estimated £500 million by pressuring them to buy worthless shares in phantom companies by telephone; understands that this is not a victimless white-collar crime but instead has devastating effects on the families who have lost their life savings, and even their homes; believes that elderly people are particularly vulnerable and that special efforts should be made to warn them; recognises the urgent need for a national awareness-raising campaign to prevent more people falling victim to this crime; and calls on the Financial Services Authority to take seriously its responsibilities to protect consumers, and to seize this opportunity to show leadership by working together with the police, businesses and other stakeholders to find new ways to prevent, detect and disrupt this crime.