Pension scams warning

Posted on 09 Feb 2015
Share Blog Post
Pension scams average losses now over £50,000According to the latest figures from Action Fraud the average loss from pension scams has reached £50,949 this year.That is more than double the typical figure of £23, 689 reported last year.Action Fraud said the losses in each case ranged from less than £1,000 to as much as £500,000, and the real figures could be higher as many scams go unreported.Mark Steward, the Executive Director of Enforcement and Market Oversight at the Financial Conduct Authority (FCA), said:'Fraudsters will seek out every opportunity to exploit innocent people, no matter how much they have saved.'Check the status of a firm before making a financial decision about your pension by visiting the FCA register. Make sure you only get advice from a firm authorised by the FCA to provide advice, before making any changes to your pension arrangements.'The FCA highlighted five common warning signs:• Being offered a free pension review out of the blue• Being offered guaranteed higher returns• Being offered help to release cash from your pension, even though you are under 55• High-pressure sales tactics - scammers may try to pressure you with 'time-limited offers' or send a courier to your door to wait while you sign documents• Unusual investments which tend to be unregulated and high-risk.

View more blog posts

SME owners flee UK in droves
Posted on 16 Apr 2025
SME owners flee UK in droves
read more
£400 a year worse off
Posted on 09 Apr 2025
£400 a year worse off
read more
MTD hits home
Posted on 02 Apr 2025
MTD hits home
read more
MTD for self assassment
Posted on 26 Mar 2025
MTD for self assassment
read more
Back To Top
01604 660661