A joint campaign launched by the Financial Conduct Authority (FCA) and The Pensions Regulator in the summer to warn of the dangers of pension scammers has produced a huge response. The ScamSmart website saw 173,000 visits in the 55 days after the launch of the campaign, compared with only 31,000 in the 55 days before it.
The campaign came with extra resources such as an online warning list of unauthorised firms, which helped save 370 pensioners from using the services of one such company. The two regulators are seeking to increase awareness of scam dangers after a survey showed 52% of 45-65 year olds with a pension think they are unlikely to be targeted by a scammer.
The FCA’s Executive Director of Enforcement and Market Oversight Mark Steward said, “Our research shows that many pension holders believe they are too savvy to be scammed. But pension scams are often very sophisticated and difficult to spot. Scammers will target people from all walks of life and with any size pension.” He added that people should always check anyone offering pension advice is registered with the FCA.