Pension scam awareness campaigns 'failing to reach' retirees

Carmen Reichman
clock

A persistent lack of awareness among consumers around spotting pension scams and finding financial advice has raised concerns about whether consumer education campaigns are working.

A survey found more than a third of people over the age of 55 living in the South of England thought they would not be able to tell the difference between a pension scam and a genuine offer from a regulated company. At the same time more than half of these people felt they had previously been contacted about a potential scam, while a third felt cold-calls about pension opportunities had increased since the government's pension reforms came into effect in April. Pension freedom reforms, now effective, mean savers aged 55 and over have complete access to their defined contribution pensi...

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 Regulation

SDR extension plans will ensure 'uniform standard' for portfolios

SDR extension plans will ensure 'uniform standard' for portfolios

'Retail-focused firms are also facing a short timeline to prepare'

Cristian Angeloni
clock 24 April 2024 • 4 min read
FCA proposes advisers and platforms 'must' communicate SDR labels

FCA proposes advisers and platforms 'must' communicate SDR labels

Distributors also must provide access to consumer-facing disclosures

Isabel Baxter
clock 23 April 2024 • 1 min read
Scenario modelling: Meeting the FCA's retirement expectations

Scenario modelling: Meeting the FCA's retirement expectations

Meeting regulatory standards and maximising good client outcomes

Stephen Ford
clock 22 April 2024 • 5 min read