The FCA has revealed it is pursuing two unregulated introducers involved in the transfer of at least £86m in pension assets from over 2,000 customers.
In the watchdog’s monthly round-up, FCA executive director for enforcement and market oversight Mark Steward discusses how the FCA is approaching fraudsters as a new advertising campaign launched earlier in the week by the FCA and The Pensions Regulator to combat scams.
The campaign is aimed at pension savers aged between 45 and 65 and this is the group Steward says is most at risk.
He quotes research commissioned as part of the campaign which shows nearly a third of pension savers in that age group do not know how to check if they are speaking with a legitimate pensions adviser or provider.
It also reveals one in eight pension holders aged 45 to 65 are likely to trust an offer of a free pension review.
Steward notes the free pension review is a tactic frequently used by scammers to lure pension savers into a scam.
He says the regulator usually finds unauthorised pension activities are very often linked to these types of pension scams in the reports it reviews.
He adds the FCA is seeking injunctions, declarations and restitution orders to prevent further breaches in schemes which were unlawfully promoted to the public using false, misleading and deceptive statements.
The campaign has been criticised by former pensions minister Ros Altmann who says the FCA should ban firms from using leads generated by cold-calling to better protect the public, a tougher approach in general is needed towards pension scams.