Regulators team up with football legend as pension scam losses hit £30m

Scammers targeted pension pots big and small, with reported losses ranging from under £1,000 to as much as £500,000. The average victim was a man in his 50s.

According to the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR), the true number of victims is likely to be much higher, as savers fail to spot the signs of a scam and do not know how much is in their pots.

Research by the regulators suggested football fans could be particularly vulnerable, and as a result the FCA's and TPR's ScamSmart campaign has teamed up with football commentator Clive Tyldesley (pictured).

A little more than two in five (43%) football fans know how much is in their retirement pot and a similar amount (45%) do not know how to check if an approach about their pension is legitimate.

Overconfidence could be an issue too, with two thirds (65%) of fans saying they would be confident in spotting a scam approach. But four in 10 (39%) would put themselves at risk unknowingly by engaging with a common scam tactic such as being told it is a time-limited offer, or that there is a guaranteed high return on their savings.

FCA executive director of enforcement and market oversight Mark Steward said: "During these uncertain times, it is more important than ever to defend your lifetime savings from scammers.

"Fraudsters will seek out every opportunity to exploit innocent people, no matter how much or how little you have saved. You can check the status of a firm before changing your pension by visiting the FCA register, and get advice from an FCA authorised firm before making any changes to your pension. And give scammers the boot."

TPR chief executive Charles Counsell added: "Scammers wreck lives and no matter how big or small your savings are, every pot is a target. It may seem tempting to make a change to your pension fund now, but it's important not to rush."

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• Topics
• Regulation
• Retirement