CK Newsletter

We are sure you will find the newsletter an interesting read. Please contact us if you have any questions regarding any of the articles we have included in our newsletter or if you would like further information on a topic we haven’t covered.

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CK Newsletter

We are sure you will find the newsletter an interesting read. Please contact us if you have any questions regarding any of the articles we have included in our newsletter or if you would like further information on a topic we haven’t covered.

Your views are always important to us and we welcome your feedback.

According to the latest figures from Action Fraud the average loss from pension scams has reached £50,949 this year.

That is more than double the typical figure of £23, 689 reported last year.

Action Fraud said the losses in each case ranged from less than £1,000 to as much as £500,000, and the real figures could be higher as many scams go unreported.

Mark Steward, the Executive Director of Enforcement and Market Oversight at the Financial Conduct Authority (FCA), said:

‘Fraudsters will seek out every opportunity to exploit innocent people, no matter how much they have saved.

‘Check the status of a firm before making a financial decision about your pension by visiting the FCA register. Make sure you only get advice from a firm authorised by the FCA to provide advice, before making any changes to your pension arrangements.’

The FCA highlighted five common warning signs:

  • Being offered a free pension review out of the blue
  • Being offered guaranteed higher returns
  • Being offered help to release cash from your pension, even though you are under 55
  • High-pressure sales tactics – scammers may try to pressure you with ‘time-limited offers’ or send a courier to your door to wait while you sign documents
  • Unusual investments which tend to be unregulated and high-risk.

More information on how to avoid pension scams is available from the FCA at https://www.fca.org.uk/scamsmart/how-avoid-pension-scams

Internet link: FCA news

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