Regulators in drive to fight pension scams
CITY regulators are launching a new campaign to tackle pension scams as alarming figures show that victims of fraud lost an average of £94,000 each in 2017.
The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) have joined forces to urge the public to “be on their guard” when receiving unexpected offers about their pension and to check who they are dealing with.
A new Scamsmart advertising campaign will target pension holders aged 45-65, the group most at risk of pension scams, the duo said.
A total of 243 victims reported to Action Fraud that they had lost more than £23m to pension scammers in 2017, equating to an average loss of £94,000 per victim.
It comes as “highly sophisticated” scammers continue to lure people into transferring their pensions into fraudulent schemes.