FCA, TPR, Maps warn again on scams and urge against pension panic

Scam-fighting bodies tell savers to seek guidance for protection

Julia Bahr
clock • 3 min read

The Financial Conduct Authority (FCA), The Pensions Regulator (TPR) and the Money and Pensions (Maps) have teamed up to issue a warning over the potential increased risk from scammers seeking to cash in on economic uncertainty.

The regulators and trade body said recent headlines over squeezed household finances would leave savers more vulnerable to scammers. The FCA, TPR and the Maps are all members of the Pension Scams Action Group (PSAG) — a multi-agency taskforce dedicated to protecting savers from scams. They said they were concerned that fears over the economy, such as recent movement in gilt yields, may prompt savers to make rushed decisions about their finances. While the three organisations had not yet seen evidence of an increase in pension scams, they said action was needed now given concern ove...

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

Time is of the essence for pension transfers, advisers say

Time is of the essence for pension transfers, advisers say

More than half highlighted that they are taking one to six months

Isabel Baxter
clock 28 November 2024 • 3 min read
A decade on: Risks and challenges of freedom and choice

A decade on: Risks and challenges of freedom and choice

'Let me be clear: No one will have to buy an annuity'

Adrian Boulding
clock 25 November 2024 • 6 min read
How retirement planning has transformed over the past 50 years

How retirement planning has transformed over the past 50 years

PPI report looks at the move from predictable pensions to personal responsibility

Jonathan Stapleton
clock 21 November 2024 • 3 min read