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Victims of pension fraudsters lost an average £91,000

Pension review scam
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The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) are urging the public to be vigilant when receiving unsolicited offers about their pensions and to check who they are dealing with.

The FCA and TPR have launched a joint TV advertising campaign to raise awareness of pension scams and the most common tactics used by fraudsters.

This comes after figures show that a total of 253 victims reported to Action Fraud that they had lost more than £23 million to pension scammers in 2017, which equates to an average loss of £91,000 per victim.

Highly sophisticated scammers lure people into transferring their pensions into fraudulent schemes. Victims of pension scams can lose their life savings, and be left facing retirement with limited income.

The FCA and TPR are calling the public’s attention to the tactics used by pensions scammers. One of the most common tactics is to offer a ‘free pension review’.

Cold calling is currently by far the most common method used to initiate pension fraud. Other scam tactics include:

  •     Unexpected contact about your pension via phone, post or email.
  •     Promises of guaranteed high returns and downplaying the risks.
  •     Offering unusual or overseas investments that aren’t regulated by the FCA e.g. overseas hotels, forestry, green energy schemes.
  •     Putting people under pressure to make a quick decision, for example with time-limited offers, and sending a courier round with paperwork to sign.
  •     Claiming to be able to unlock money from an individual’s pension (which is normally only possible from age 55).
  •     The FCA and TPR are urging the public to be ScamSmart with their pension and always check who they’re dealing with.

The regulators recommend four simple steps to protect yourself from pension scams:

  •     Reject unexpected pension offers whether made online, on social media or over the phone.
  •     Check who you’re dealing with before changing your pension arrangements – check the FCA Register or call the FCA contact centre on 0800 111 6768 to see if the firm you are dealing with is authorised by the FCA.
  •     Don’t be rushed or pressured into making any decision about your pension.
  •     Consider getting impartial information and advice.
  •     If you think you’ve been a victim of a pension scam, report it. Visit ScamSmart to find out more.

FCA and TPR are part of Project Bloom a multi-agency taskforce which is working to combat pension scams. The taskforce includes the DWP, HM Treasury, the Serious Fraud Office, City of London Police (Action Fraud), the National Fraud Intelligence Bureau, The Pensions Advisory Service, and the National Crime Agency.

Source - Action Fraud Police UK

Date Published: Oct 25, 2018
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The most common Scam Investments include  :

  • Property Loan Notes
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  • Rare Earth Metals
  • Wine and Art Investments
  • UK Land Plots
  • Free Pension Reviews
  • Gold Diamond Mines
  • Cryptocurrency Investment
  • Co- Sharing Workspace

Read More About Protecting Yourself From Scams

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Other common financial scams:

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  • Banking and online account scams
  • Recovery rooms promising to recover your failed investment
  • Travel Scams
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  • Bank loan and credit card scam
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 Usefull contact Information

Financial Conduct Authority (FCA)

Web: www.fca.org.uk

  • 99 Phone Icon 0300 0500 0597
  • 99 Main Icon consumer.queries@fca.org.uk

Action Fraud

Web: www.actionfraud.police.uk

  • 99 Phone Icon 0300 123 2040
  • 99 Main Icon info@actionfraud.police.uk

Citizens Advice Bureau

Web: www.citizensadvice.org.uk

  • 99 Phone Icon 0345 040506
  • 99 Main Icon info@citizensadvice.org.uk

Serious Fraud Office

Web: www.sfo.gov.uk

  • 99 Phone Icon 0207 239 7272 / 7152
  • 99 Main Icon public.enquiries@sfo.gsi.gov.uk

National Crime Agency

Web: www.nationalcrimeagency.gov.uk

  • 99 Phone Icon 0370 4967622
  • 99 Main Icon communication@nca.x.gsi.gov.uk
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