According to Action Fraud 60,000 people a year fall victim to financial fraud, losing £20,000 each on average.
Government agencies are trying to raise awareness of these crimes, so that people don’t get conned out of their savings.
The Financial Conduct Authority has launched a national campaign called ScamSmart to help savers understand the tactics used by the scammers and so avoid becoming a victim.
The ScamSmart website can be found here:
The Pensions Regulator has a separate campaign that aims to stop people falling victim to pension liberation fraud. After their home, pensions are often the most valuable asset that people own, and losing money from them to fraudsters can be devastating.
Like the Financial Conduct Authority, the Pensions Regulator has lots of tips and guidance on how to stay safe. The Scorpion Website can be found here:
Before you agree to transfer your pension anywhere, you should be absolutely sure that the scheme you’re transferring into is safe, even if it’s set up in your own name.
If you’re in any doubt, seek a second opinion, either from a qualified and regulated adviser (the ScamSmart website contains information about how you find one) or by calling the Pensions Advisory Service on 0300 123 1047. You can find their website here: http://www.pensionsadvisoryservice.org.uk/