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FCA steps up scams campaign ahead of pension freedoms

The FCA has stepped up consumer warnings over investment scams as the 6 April pension reforms deadline approaches.

People should reject cold calls, check the FCA’s warning list and take financial advice to tackle fraudsters targeting their pensions savings, the regulator says.

It warns the new pension freedoms will encourage firms to approach savers with the promise of high returning investments.

The regulator urges people to use its dedicated ScamSmart website to spot the warning signs of a scam, view a list of suspect firms and find an adviser through directories.

FCA chief executive Martin Wheatley says: “The new pension flexibilities will offer people the freedom to make choices that suit their plans for retirement. But this is exactly the time when people need to alert to the dangers of scammers offering opportunities that are too good to be true.

“Our ScamSmart campaign sets out the straightforward steps people can take to protect themselves and number one is if you get cold called about an investment opportunity, hang up.

“Any decision about your retirement is important, start off on the strongest footing by being ScamSmart.”

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