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Pension scam losses jump 70%

Pensions-savings-retirement-piggy bank The delay on the ban of pensions cold-calling until the Autumn will continue to compound fraud problems in the pensions space, AJ Bell says.

The platform has responded to figures from City of London Police who say pensions are the common target for the increased number of investment fraudsters this tax year.

A total of £51m has been lost to scammers since 1 April, up £30m in the first quarter of 2017/18 and £24m in 2016/17.

The average fraud victim is aged 57.

AJ Bell senior analyst Tom Selby says: “Pensions – usually the most significant financial asset someone will have available to them – are often the target and these recent figures suggest the problem could be getting worse rather than better, yet the government continues to prevaricate over introducing a ban on pensions cold-calling.”

Total losses for the 2016/17 tax year equal £176m.

Selby says: “Fraudsters often lure people to invest in bogus schemes with the promise of outlandish guaranteed returns which usually don’t materialise and sometimes the investment itself won’t even exist.”

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There are 2 comments at the moment, we would love to hear your opinion too.

  1. Julian Stevens 13th July 2018 at 1:15 pm

    So why, after 30+ years of regulation, aren’t potential victims of these scams checking out on the FCA website (or perhaps just phoning the FCA) the bona fides (or otherwise) of these cold callers?

  2. Julian Stevens 13th July 2018 at 3:42 pm

    Perhaps a survey of these victims might reveal some interesting answers as to why they allowed themselves to be conned out of their pension funds without first conducting a few basic checks. Was it because the victim:-

    1. has no confidence in IFA’s?

    2. has no confidence in the regulator?

    3. has never heard of the FCA?

    4. has no confidence in mainstream investment providers? Or

    5. just didn’t think to check out the bona fides of the organisation that the caller claimed to represent?

    If the latter, unless the victim was a vulnerable person, it’s hard to feel much sympathy.

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