Millions could be at risk of pension scams

7 August 2019

The FCA and TPR have published new research which reveals millions of people could fall for pension scam tactics.

Key findings show that cold calls, unusual investments and early access to cash are among the most persuasive tactics used by fraudsters and – alarmingly – that those who consider themselves financially savvy are just as likely to fall victim to a pension scam.

Could your clients spot a pension scam? Test their knowledge with FCA’s #ScamSmart quiz.

Business advisers can help their clients to protect themselves by sharing four simple steps:

  1. Reject unexpected pension offers whether made online, on social media or over the phone.
  2. Check who you’re dealing with before changing your pension arrangements. Check the FCA Register or call 0800 111 6768 to see if the firm or person you’re dealing with is authorised by the FCA.
  3. Don’t be rushed or pressured into making any decision about your pension.
  4. Consider getting impartial information and advice – in some cases you may be required to do so.

If your clients think they’ve been a victim of a pension scam, report it. If you suspect that your client is at risk of becoming a victim of a pension scam, report it.

Don’t let a scammer enjoy your clients’ retirement. Get to know your responsibilities and share our booklet, poster and more with your clients.

Download materials here: www.thepensionsregulator.gov.uk/pension-scams.


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