Pension scams have cost consumers more than £2m since the start of the year with the average loss topping £50,000, according to figures from the Financial Conduct Authority (FCA).
The regulator said the average loss to pension scams since the start of 2021 has been £50,949 - more than double the figure recorded in 2020 (£23,689). The figures showed more than two-thirds (68%) of pension holders believed they were confident they could spot the signs of a scam but only 28% realised a ‘free pension review' offer was a classic scam indicator. It also found savers were nine times more likely to accept ‘advice' from someone online than a stranger in person. AJ Bell senior analyst Tom Selby said the statistics were shocking but "in reality, this is the tip of the icebe...
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