I don’t want fraud putting retirement at risk – so I’m backing your campaign
FRAUDSTERS and scam artists are criminals who target and prey on society’s most vulnerable. They are an evil that needs to be tackled.
My first priority as Minister for Pensions is to protect savers. I do not want fraudsters getting their hands on a penny of anyone’s lifetime savings or putting anyone’s retirement plans at risk.
That is why I am supporting The Mail on Sunday’s ‘Stop the Scammers’ campaign to educate savers and stop these criminals in their tracks.
Almost 11 million pensioners are targeted every year by coldcallers, with savers reporting an estimated loss of £19million to pension scams between April 2015 and March 2016.
The Government is determined to put a stop to this. We are now consulting on how best to implement a ban on coldcalling, and the Information Commissioner’s Office has been given strong powers to fine firms up to £500,000 for flouting the law. I believe these measures will protect millions of people from being tricked out of their savings.
As criminals continue to develop increasingly complicated and devious schemes, we have established the multi-agency Project Bloom taskforce, bringing together various law enforcement and other agencies to disrupt and
Nobody should be cold-calling you from a Government service so, if you’re in doubt, hang up prevent scams.
But just as important as Government action is consumer awareness – because if people are more aware of the tactics used by criminals, they will be far less likely to fall victim.
We know that some of these scammers pretend to phone on behalf of reputable firms or Government services such as Pension Wise.
Let me be clear – nobody should be calling you unsolicited from such organisations and asking for financial information. So be wary and, if in doubt, just hang up.
Here are three other things you can do to avoid being stung by scammers:
1CHECK out the Financial Conduct Authority’s Scamsmart website (http:// scamsmart.fca.org.uk/).
This shines a light on the biggest scams, helping you know what to look out for or if the person who has contacted you is legitimate. The website also keeps a list of known fraudsters posing as financial advisers.
As a first step, check the regulator’s list of advisers to see if the business contacting you is on it.
2IF YOU have any concerns or doubts, call The Pensions Advisory Service on 0300 123 1047 or visit pensionsadvisoryservice. org.uk for free advice.
Or, if you are aged 50 or over and want to discuss accessing your private pension savings, use the Government’s free and impartial guidance service, Pension Wise, to help you understand your options.
To book your free appointment call 0800 138 3944 or visit pensionwise.gov.uk.
3IF YOU think you have been scammed, contact your pension provider immediately. Then call Action Fraud on 0300 123 2040.
Acting quickly might just be the difference between you losing your money or not.
Remember, if a financial deal sounds too good to be true, it usually is – so question, hang up, research, report and together we will stop these criminals in their tracks.
For more information on avoiding scams, visit the Pensions Regulator site pension-scams.com.