Team to warn on pen­sion scams

Glamorgan Gazette - - Your Views -

REG­U­LA­TORS are launch­ing a new cam­paign to tackle pen­sion scams as alarm­ing fig­ures show that vic­tims of fraud lost an av­er­age of £91,000 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 reg­u­la­tors 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 £91,000 per vic­tim. How­ever, it is thought that only a mi­nor­ity of pen­sion scams are ever re­ported.

It comes as “highly so­phis­ti­cated” scam­mers con­tinue to lure peo­ple into trans­fer­ring their pen­sions into fraud­u­lent schemes, the FCA warned.

Mark Ste­ward, ex­ec­u­tive di­rec­tor of en­force­ment and mar­ket over­sight at the FCA, said: “The size of in­di­vid­ual pen­sion pots makes pen­sions sav­ings an at­trac­tive tar­get for fraud­sters.

“That’s why we’re urg­ing any­one who is think­ing about trans­fer­ring their pen­sion to check who they are deal­ing with and only use firms au­tho­rised by the FCA.

“Pen­sion scams can cause vic­tims sig­nif­i­cant harm – both fi­nan­cially and men­tally.

“If you are ever in doubt about a pen­sion of­fer, visit the ScamS­mart web­site.”

Re­search con­ducted by the reg­u­la­tors shows that one in eight 45 to 65-yearolds (12%) would trust an of­fer of a “free pen­sion re­view” from some­one claim­ing to be a pen­sion ad­viser.

Wor­ry­ingly, al­most a third (32%) of pen­sion hold­ers aged 45-65 would not know how to check whether they are speak­ing with a le­git­i­mate pen­sions ad­viser or provider.

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