You are here: Home - Household Bills - News -

Victims lose £10m in health supplement scam

Written by:
Tens of thousands of people have fallen victim to a new scam involving rogue health supplement companies, according to the government.

Since 2016, the Insolvency Service has wound up nine health supplement companies after they scammed people, often the elderly and vulnerable, into unnecessarily buying their products.

These companies duped 36,000 victims out of around £10.6m, government figures estimate.

Consumer Minister, Andrew Griffiths MP, said: “These shocking supplement scams are targeting thousands of the most vulnerable people in our society. The Insolvency Service is playing a vital role in protecting consumers and cracking down on these cowboy firms.

“During Scams Awareness Month I am encouraging anyone who has fallen foul of these scams to speak up and report it, so we can stamp them out for good.”

In one case, Newbury-based Healthspring Wellness Product Limited contracted a call centre based in Mumbai to sell health supplements to the over 55s, who were either housebound or had difficulty in getting to the shops, on their behalf. The call centre deployed aggressive sales tactics and gave out false medical advice.

Following an Insolvency Service investigation, Healthspring Wellness was wound up in November 2017.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Stock of the week: Findel

Ian Forrest, investment research analyst at The Share Centre, picks Findel as stock of the week this week.