The Financial Conduct Authority (FCA) has joined forces with The Pensions Regulator (TPR) to launch a brand new advertising campaign helping to raise awareness of pension scams. The ScamSmart campaign is targeted at pension holders aged 45-65 – those most at risk of falling victim to such activity.
Stuart Price, Partner and Actuary at Bristol’s Quantum Advisory, welcomes the campaign in the fight against pension fraudsters. Stuart said: “These criminals are basically stealing people’s hard-earned pensions from under their noses and bringing distrust into what is a complex industry.
“Pension scams cost individual victims on average £91,000 last year. Cold calling is the most common method used by pension scammers with an estimated 250 million cold calls made annually. Scammers promise a free pension review or recommend investments with ‘guaranteed returns’ and entice people to transfer their pension funds into unregulated arrangements.
“Despite the government promising to crack down on pension scammers for almost two years now, and the Financial Guidance and Claims Bill receiving Royal Assent in May 2018, the final regulations enabling the cold-calling ban are still to be put before Parliament.
“Therefore this advertising campaign comes at a crucial time and hopefully people will listen, take note and ensure when they need pension advice they seek a trusted professional. It is easy to confirm if the person you are dealing with is legitimate and approved by checking the FCA Register. The majority of potential scams go unreported, so it’s important, if you are approached, you say no and report the incident to the FCA.”
Stuart Price, is Partner and Actuary at Quantum Advisory, which has offices in Amersham, Birmingham, Bristol, Cardiff, and London. Quantum provides pension and employee benefits services to employers, scheme trustees and members.
For more information about Quantum Advisory, please visit: https://quantumadvisory.co.uk.