Beware of fraudsters, posing as investment professionals.
Significant changes to the rules around how to use your pension in retirement offer many new opportunities for future retirees. Unfortunately, the same is also true for fraudsters and criminals. As part of the new rules, defined contribution pension scheme holders can now access their entire pension fund, from the age of 55, and use it however they wish. This radical change provides you with greater freedom regarding how you can use your pension to fund retirement, but it also makes the decision a more complex one.
Read more here.
HERE’S an “industry” success story that no politician will celebrate during the election campaign: the fastest growing crime in the UK is fraud, totalling £50billion a year.
A GLASGOW man has been arrested in connection with an alleged ‘boiler room fraud’ involving Rare Earth Metals.
No one could have anticipated how quickly the AIE would grow.
The suspected fraudster is believed to have been working as what is known as a ‘closer’ who followed up introduction calls made by cold-callers and finalising deals.
With the advent of new freedom and choice laws relating to pensions, our fears have been confirmed that sophisticated scammers were ready to take advantage of unsuspecting consumers.
A recent report produced by the Citizens Advice Bureau found that people aged 65 and over are more than twice as likely to be targeted by fraudsters as the average CAB Client that has come to the organisation to report a fraud or scam.
The report identifies five key types of pension scam which include moving savings from your savings to a new pension, fake investment opportunities or offering free “advice” or service.
The idea of free “advice” is in itself flawed and should be cause for alarm. Any person, legitimate or not, offering advice is definitely not doing so for free. Their payment will likely come from the provider of the investment or “opportunity” the investor puts money into. This places the person giving the advice in a situation where by it may be more lucrative for them to put you in one product over another simply because the commission or fee for making the introduction is better. This ultimately means the onus can shift from doing what is right for the investor to doing what is best financially for the person giving the advice.
Scammers will often apply undue pressure to secure any transaction, if you feel as though you are being under pressure to make a decision regarding your pension, or you believe you are being targeted by Pension scammers please do get in touch.
Investor Protectors can provide Extended Due Diligence on any company that is offering you a service. If you are tempted, before you proceed, talk to us, it may very well be the best thing you do.
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We cannot always help everyone, each situation is different, however if we can we will tell you. If you have a problem with an investment and don’t know where to turn, look no further, click here to get in touch.
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