Thinking about pension fraud


Thinking about pension fraud

Almost all of the mainstream press have some comments to make on pension fraud yesterday and today. The BBC’s headline is “Pension scam victims 'lost £91,000 each', the Telegraph goes with “The five most common scams that cost pensioners millions”, the Financial Times runs with “Pension pot scams cost £91,000 per victim since rules relaxed”, the Daily Mail says “Heartless pension sharks loot £91k on average from victims – here’s how to keep your pot away from scammers”, and the Sun offers “Scam Warning; Warning over pension scam as victims robbed of £48Million by cruel phone cons”.

What most people do not realise is that if someone rings you up and offers pension advice, it is more likely to be a scammer than a legitimate business. Posts and e-mails are also suspicious, as many financial advice businesses do minimal marketing and rely on their own websites, social media, web marketeers like Unbiased and Vouched For and referrals from existing clients for new business.

If you want financial advice, you really should make the first move; ask for a recommendation from friends or relatives; use the web and crosscheck with the FCA register or contact us directly – http://www.martin-redmanpartners.co.uk.

At a business network meeting, a new marketing angle was suggested to me:-

Contact Jeremy for financial advice before the scammers contact you!

I am still digesting the implications of that, but I do not think it would drop easily into a radio advert or leaflet!

As for avoiding scams, The Pension Regulator and the Financial Conduct Authority, (FCA), have launched the ScamSmart initiative, backed with television adverts, which includes a four-step process.

Step 1 – Reject Unexpected Offers

Step 2 – Check who you are dealing with

Step 3 – don’t be rushed or pressured

Step 4 – get impartial information or advice

More details are here,  https://www.fca.org.uk/scamsmart/how-avoid-pension-scams

If you would like to know more about how we can help you plan and realise your financial goals then contact us at info@martin-redmanpartners.co.uk or call us on 01223 792 196.

The information contained is for guidance only and does not constitute financial advice. It is based on our understanding of UK legislation, whether proposed or in force, and market practice at the time of writing. Levels, bases and reliefs from taxation may be subject to change. Accordingly no responsibility can be assumed by Martin-Redman Partners its officers or employees, for any loss in connection with the content hereof and any such action or inaction.