Watchdog warns 80,000 on ‘sucker lists’

Nearly 80,000 people listed in so-called “fraudsters’ phone books” are to be contacted by the UK watchdog.

The 76,732 names have been drawn from “sucker lists” held by companies which the Financial Services Authority (FSA) believes have sold investments in land or shares that turned out to be non-existent or worthless.

Letters from the FSA will arrive over the next six weeks as part of Operation Bexley, and it is also sending e-mail warnings to more than 19,000 people on the list whose addresses were not recovered. The letters warn them to “stay alert” even if they have not already been offered unsolicited investment advice, as lists are often traded between fraudsters, meaning they could be contacted in the future.

Jonathan Phelan, for the FSA, said: “If you get our letter or e-mail, read it – it could save you tens of thousands of pounds.”