Reg­u­la­tors in drive to fight pen­sion scams

Belfast Telegraph - Business Telegraph - - News - BY RAVENDER SEMBHY

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.

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