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If you receive a call offering you shares at what seems an unfeasibly good deal (e.g., an imminent IPO which will cause the price to 'go through the roof'), then you are probably being contacted by a boiler room.
These are typically not registered with the FSA and could be in a foreign country where fraud laws are lax.
If you suspect that you have been contacted in this way, see Privileged information- this takes the form of a tip, insider knowledge they are not allowed to divulge of a big corporation going to invest in a minnow or in this case a takeover by a company they are allowed to mention.
When they phone again they assume you are going to buy, asks for your national insurance number to prove your identity and transfers you to administrator who takes details for a stock purchase application.
Some people prefer to use and pay for the services of a broker because they feel more comfortable making decisions about their finances with the interactive guidance of a licensed professional.When using a stockbroker for financial guidance, one must be made aware that they do get paid on a commission, based on the stock/mutual fund they sell, and also through Class Distinction/Operating Expense Fees/Services Fees/Shareholder Fees.Thus, a conflict of interest arises concerning a stockbroker who offers his/her service as a financial planner, because their revenue is generated as a direct result of your investment in the stock/mutual fund that they broker to you.Transactions by stockbrokers in the US and UK In the US: When acting as an agent, the stockbroker typically charges the client a flat fee and/or a percentage-based commission for undertaking the trade, and the price quoted the client must be the best price available in the market.When acting as a principal, the trade could be with another market participant or one of the stockbroker's clients.