According to the latest figures from Action Fraud the average loss from pension scams has reached £50,949 this year.  That is more than double the typical figure of £23, 689 reported last year.

Action Fraud said the losses in each case ranged from less than £1,000 to as much as £500,000, and the real figures could be higher as many scams go unreported.

Mark Steward, the Executive Director of Enforcement and Market Oversight at the Financial Conduct Authority (FCA), said:

‘Fraudsters will seek out every opportunity to exploit innocent people, no matter how much they have saved.

‘Check the status of a firm before making a financial decision about your pension by visiting the FCA register. Make sure you only get advice from a firm authorised by the FCA to provide advice, before making any changes to your pension arrangements.’

The FCA highlighted five common warning signs:

Our Wealth Management Team can advise on pensions and investments.  Please get in touch on 01292 265071 for information on how they can help you plan for the future.

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