ScamSmart awareness campaign launched
20 August 18  /  News

The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) have together launched an advertising campaign, ScamSmart, to raise awareness of pension scams.

Last year, on average, victims lost £91,000 each through a variety of scamming methods, such as cold calling and offering a free pension review.

The ScamSmart campaign will target pension holders between the ages of 45 and 65, the age group considered to be the most at risk of these scams. The campaign will feature television adverts highlighting the most common strategies amongst fraudsters.

This campaign has been prompted by not only the sheer loss suffered by individuals, but by the government failing to meet the initial June deadline for banning cold-calling on pensions, stating that the "complexity" is the reason for the delay.

City of London Police figures published in July also show losses from investment fraud had risen by 70% in the first quarter of this year when compared with the previous year, and in a poll commissioned by the regulators, 32% of pension holders aged between 45-65 were found to be unsure how to verify whether they are speaking with a legitimate pensions adviser or provider.

This campaign hopes to educate people on noticing scams and encourages anyone who believes they may have been targeted by fraudsters to report their experience immediately.


Sources
FT Adviser - https://www.ftadviser.com/pensions