THOUSANDS of investors are getting burned on overseas property investments, an area where there is no regulation.  People are being sucked in by misleading advertising, and often end up paying high charges and commission on foreign property deals, the Society of Actuaries has warned.

The society called yesterday for the Financial Regulator to have a role in regulating overseas property investments. Actuaries want Finance Minister Brian Cowen to bring overseas property sellers under the scope of consumer protection law, and has asked that they come under the remit of the Financial Regulator.

Society president Colm Fagan told a conference that advertising for many property investment schemes includes references to high "target" or "projected" rates of return, which give the impression that these are guaranteed. 

Recent examples of Irish investors getting caught out included:

* Hundreds faced with having their properties in Marbella, Spain, pulled down after it was decided that they were illegally built.

* People paying deposits to unscrupulous developers in Eastern European countries, who claim to have planning permission. In some cases apartments never get built and deposits are not refunded.

* Consumers sending money by electronic transfer, only for dodgy builders to disappear.

Mr Cowen said yesterday he would look at any proposals put to him to bring property investments into the regulatory framework.