The FCA and the Pensions Regulator have launched a joint advertising campaign to raise awareness of pension scams, following research they have conducted which shows that pension scam victims each lost an average of £91,000 in 2017.
The campaign, ScamSmart, is aimed at individuals aged 45-65 who are the group most at risk of pension scams. It highlights tactics used by pensions scammers, typically offering a ‘free pension review’, and recommends actions individuals can take to avoid being scammed including checking whether the firm concerned is authorised by the FCA. Cold calling is by far the most common method used to initiate pension fraud and so the Treasury intends to lay regulations in the autumn to ban pension cold calling.
The FCA and the Pensions Regulator are part of Project Bloom, a multi-agency taskforce working to combat pension scams. The taskforce includes the DWP, HM Treasury, the Serious Fraud Office, City of London Police, the National Fraud Intelligence Bureau, The Pensions Advisory Service, and the National Crime Agency.