Scammers take £2m from pension savers in 2021

£2m lost since January

Jenna Brown
clock • 5 min read

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...

To continue reading this article...

Join Professional Adviser

  • 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

Cost of living crisis drives pensions freedom flexible withdrawals

Cost of living crisis drives pensions freedom flexible withdrawals

Total flexible withdrawals top £72bn since April 2015

Jenna Brown
clock 27 September 2023 • 2 min read
HMRC stats show sharp rise in people breaching pension tax limits

HMRC stats show sharp rise in people breaching pension tax limits

Chancellor felt ‘forced’ to act as number of people caught increased

Jenna Brown
clock 27 September 2023 • 5 min read
Financial advisers seek certainty on pension taxation

Financial advisers seek certainty on pension taxation

Advisers place emphasis on obtaining clarity regarding pension taxation

Sahar Nazir
clock 19 September 2023 • 1 min read