Guard against scams
Despite new safety measure being introduced by the industry, financial scams continue to trick people out of their money, and pensions are no exception. £17.7m was lost to pension fraud and scams in 2023, with 559 separate cases reported to the Financial Conduct Authority (FCA).
To avoid falling victim to a scam, follow these top tips to help keep your pension savings safe:
- Beware of anyone contacting you out of the blue – it’s illegal and often the first step a scammer takes.
- Don’t be seduced by glossy brochures or good-looking website. Appearances can be deceiving!
- Take care with limited time offers or fast approaching deadlines – they are designed to make you act fast without properly thinking through an investment opportunity.
- If in doubt, check them out – it’s always best to check that a company is legitimate. Look for independent verification, make sure they’re registered with the FCA and check online to see if their name pops up on anti-scam websites.
Protect yourself and your pension
There are lots of resources available online to help you – a good place to start is the FCA’s ScamSmart website: www.fca.org.uk/scamsmart
Reporting a suspected scams
If you think you might have been targeted by a scammer, don’t panic. Start by reporting it to the FCA: go to their website, www.fca.org.uk/contact, for details of how to get in touch and what will happen next.
