We are all aware of the ever-increasing issue with scams and scammers as they get more sophisticated and more prevalent. This 4-minute video is designed to keep up to speed with the current issues and most importantly how to protect yourself and others.
Our regulator the FCA also provides the following information specific to how Pension Scams work:
Scammers usually contact people out of the blue via phone, email, or text, or even advertise online. Or they may be introduced to you by a friend or family member who is also unknowingly being scammed.
Scammers will make false claims to gain your trust.
For example:
- claiming they are authorised by the FCA or that they don’t have to be FCA authorised because they aren’t providing the advice themselves
- claiming to be acting on the behalf of the FCA or the government service Pension Wise
Scammers design attractive offers to persuade you to transfer your pension pot to them (or to release funds from it). It is then often:
- invested in unusual and high-risk investments like overseas property, renewable energy bonds, forestry, storage units
- invested in more conventional products but within an unnecessarily complex structure which hides multiple fees and high charges
- stolen outright
If in doubt STOP and take the time to check, a genuine adviser will ALWAYS give you the time and space to make an informed decision, and NEVER pressure or hurry you to sign anything.
( Link: https://www.moneyalive.io/forms/60ab720b0ec3f – protect yourself from scams)