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:
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