Giving scammers the cold shoulder

Posted on Mar 14, 2018

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By early summer (June 2018) we should be seeing a ban on pensions cold calling - it comes after calls from both the Work and Pensions Committee and the pensions industry to move forward on this ban, which the Government has been promising for 18 months.

Cold calling has led to many people at or near retirement falling victim to fraud and being scammed by criminals out of millions of pounds.

The ban comes as a result of a ‘notice of amendment’ to the existing Financial Claims and Guidance Bill, and the Government’s amendment states: “This new clause inserts a new power for the Secretary of State to make regulations (subject to the affirmative procedure) banning unsolicited direct marketing relating to pensions. If the power is not exercised by June, the Secretary of State must explain to Parliament why not.”

With more and more in the press recently about a UK pension funding crisis, people are seemingly being enticed by something which offers a high rate of return – fuelled by the fear of missing out or simple greed. The majority of these scams are unregulated investments that often sound too good to be true – which they generally are!

Even if you think that you won’t fall victim to a scam, it’s still worth reading these five tips from The Pensions Advisory Service. If you’re a client of The Goodman Partnership, you’ll have already seen the full document but we’d certainly recommend giving it another read.

1 If you think you’ve been scammed – act immediately.
We’d suggest you give us a call if you’re a client, as we can potentially step in to stop a transfer that hasn’t taken place yet. Then call Action Fraud on 0300 123 2040 to report it.

2 Cold called about your pension? Hang up!
Unsolicited phone calls, text or emails about your pension are nearly always scams.

3 ‘Deals’ to look out for.
Beware of unregulated investments offering ‘guaranteed returns’ and don’t be rushed into a decision, even if it means turning down an ‘amazing deal’.

4 Using an adviser? Make sure they’re registered with the FCA.
At The Goodman Partnership we are registered with the FCA and have other accreditations too, which you can view on our website.

5 Don’t’ let a friend talk you into an investment – check everything yourself.
Do your homework, even if you consider yourself or your friend to be financially savvy.

For more information about planning for your retirement or to receive a copy of this full document from The Pensions Advisory Service, give us a call on: 01892 500 600.

 

 


Goodman Chartered Financial Planners is a trading name of Fairstone Financial Management Ltd. Fairstone Financial Management Ltd., is authorised and regulated by the Financial Conduct Authority – FRN: 475973 Registered in England and Wales no: 05574120. Part of the Fairstone Group. Where you have a complaint or dispute with us and we are unable to resolve this to your satisfaction then we are obliged to offer you the Financial Ombudsman Service to help resolve this. Please see the following link for further details: www.financial-ombudsman.org.uk.