Be #ScamSmart
Earlier this year, The Pensions Regulator (TPR) and the Financial Conduct Authority (FCA) launched a joint campaign to raise awareness of pension scams. Latest figures report that pension scam victims lose an average of £91,000, often after being duped into handing over their savings by a cold caller.
How to spot the warning signs:
Scams often include:
• unexpected offers
• promises of high / guaranteed returns
• free pension reviews
• accessing pension before age 55
• time pressure
If you suspect a scam you should:
- Report to the FCA by contacting their Consumer Helpline on 0800 111 6768 or using the reporting form at www.fca.org.uk
- Report to Action Fraud on 0300 123 2040 or at www.actionfraud.police.uk
- If they’re in the middle of a transfer, they should contact their pension provider immediately and then get in touch with TPAS at www.thepensionsadvisoryservice.org.uk
- If anyone has been scammed, they should be wary of future scams
To find out more, you can visit the FCA’s website here