Pension fraud 'increasingly linked' to investment scams

Jenna Towler
clock

Fraudsters targeting pension pots in the wake of freedom and choice reforms are increasingly linking their efforts to investment scams such as fine wines and overseas property, Citizens Advice has warned.

The consumer organisation, which operates the face-to-face element of guidance service Pension Wise, also warned one of its clients had reported a man posing as a financial adviser visited his home after he responded to a pension review offer advertisement. Citizens Advice said many of the companies involved in pushing such investments were not regulated by the Financial Conduct Authority and were not qualified to give financial advice. Pensions freedom means over 55s have complete access to their defined contribution pension savings and can access pots at any time, subject to normal ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Boring Money and Wealth Wizards link to plug advice gap

Boring Money and Wealth Wizards link to plug advice gap

Strategic partnership to improve access to financial advice

Jenna Brown
clock 01 May 2024 • 2 min read
FCA tweaks rules ahead of pensions dashboard connection dates

FCA tweaks rules ahead of pensions dashboard connection dates

Firms will be COBS 19.11 compliant when they connect to CDA

Jasmine Urquhart
clock 01 May 2024 • 1 min read
Pensions campaigner and former WPC chair Frank Field dies aged 81

Pensions campaigner and former WPC chair Frank Field dies aged 81

Field was a former Work and Pensions Committee chair and a welfare champion

Professional Pensions
clock 24 April 2024 • 5 min read