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You can find the current article at its original source at https://www.theguardian.com/money/2018/aug/14/uk-regulators-launch-ad-campaign-to-warn-against-pension-scams
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| UK regulators launch ad campaign to warn against pension scams | UK regulators launch ad campaign to warn against pension scams |
| (4 months later) | |
| A TV advertising campaign to warn the public about pension scams is being launched by UK regulators as new figures show that victims are losing an average of £91,000 each. | A TV advertising campaign to warn the public about pension scams is being launched by UK regulators as new figures show that victims are losing an average of £91,000 each. |
| The Financial Conduct Authority (FCA) and the Pensions Regulator have joined forces on the campaign to raise awareness of the most common tactics used by fraudsters. | The Financial Conduct Authority (FCA) and the Pensions Regulator have joined forces on the campaign to raise awareness of the most common tactics used by fraudsters. |
| Pension firms profit from slowdown in life expectancy growth | |
| They said victims of such scams – which typically begin with an unsolicited phone call or email – can end up losing their life savings and people are being urged to be on their guard. | They said victims of such scams – which typically begin with an unsolicited phone call or email – can end up losing their life savings and people are being urged to be on their guard. |
| Pension scams often involve people being persuaded to transfer or cash in their pension pots and put the money into often exotic-sounding investments. They have been around for many years but there has been a surge in activity since April 2015 when the government introduced reforms giving over-55s more freedom in terms of what they can do with their retirement cash. | Pension scams often involve people being persuaded to transfer or cash in their pension pots and put the money into often exotic-sounding investments. They have been around for many years but there has been a surge in activity since April 2015 when the government introduced reforms giving over-55s more freedom in terms of what they can do with their retirement cash. |
| The regulators’ move comes months after MPs were told that firms dubbed “sharks” and “vultures” were preying on British Steel pension scheme members to persuade them to transfer their pensions. | The regulators’ move comes months after MPs were told that firms dubbed “sharks” and “vultures” were preying on British Steel pension scheme members to persuade them to transfer their pensions. |
| The FCA said the size of individual pension pots – sometimes in excess of £1m – made retirement savings an attractive target for fraudsters. While £91,000 was the average loss reported to Action Fraud in 2017, some individuals have lost a lot more. The Pensions Ombudsman has previously ruled on the case of a man who was persuaded to transfer £367,000 out of an NHS pension scheme and put it all into an investment involving self-storage units that supposedly offered an 8%-12% return. | The FCA said the size of individual pension pots – sometimes in excess of £1m – made retirement savings an attractive target for fraudsters. While £91,000 was the average loss reported to Action Fraud in 2017, some individuals have lost a lot more. The Pensions Ombudsman has previously ruled on the case of a man who was persuaded to transfer £367,000 out of an NHS pension scheme and put it all into an investment involving self-storage units that supposedly offered an 8%-12% return. |
| The ScamSmart advertising campaign, which takes in TV, radio and social media, is targeting pension holders aged 45-65 – the group judged to be most at risk of scams. The adverts aim to show the contrast between the impact on the victims and the often jet-setting lifestyles enjoyed at their expense by the criminals. | The ScamSmart advertising campaign, which takes in TV, radio and social media, is targeting pension holders aged 45-65 – the group judged to be most at risk of scams. The adverts aim to show the contrast between the impact on the victims and the often jet-setting lifestyles enjoyed at their expense by the criminals. |
| The regulators said one of the most common tactics was to offer a “free pension review”. Others include a firm or individual unexpectedly getting in touch via phone, post or email; promises of guaranteed high returns and downplaying the risks; offering unusual or overseas investments that are not regulated by the FCA, such as overseas hotels, forestry and green energy schemes; and putting people under pressure to make a quick decision, for example with time-limited offers, and sending a courier round with paperwork to sign. | The regulators said one of the most common tactics was to offer a “free pension review”. Others include a firm or individual unexpectedly getting in touch via phone, post or email; promises of guaranteed high returns and downplaying the risks; offering unusual or overseas investments that are not regulated by the FCA, such as overseas hotels, forestry and green energy schemes; and putting people under pressure to make a quick decision, for example with time-limited offers, and sending a courier round with paperwork to sign. |
| Individuals can check the FCA register or call its contact centre on 0800 111 6768 to see if the firm they are dealing with is authorised by the regulator. | Individuals can check the FCA register or call its contact centre on 0800 111 6768 to see if the firm they are dealing with is authorised by the regulator. |
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