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Insolvency Service issues warning over increasing pension scams

Umbrella-Storm-Clouds-Warning-Bad-Weather-700x450.jpgPeople need to take care to protect their pension pots from potential investment scammers and negligent trustees, the Insolvency Service has warned.

In a statement today, the IS says the ban against cold-calling should not mean investors relax their views on scammers.

Consumer minister Kelly Tolhurst says: “If you think you might have been a victim, I’d urge you to report it to Action Fraud UK.

“If you are approached to make an investment from your pension, always do your homework and seek independent advice, if necessary, to help you make an informed decision.”

The IS has wound up 24 companies involved in pension misuse since 2015.

Money Marketing reported in August that victims of pension scams last year lost an average of £91,000 last year, as measured in the FCA’s ScamSmart campaign.

The IS says people should “be wary” of calls received out of the blue and ensure they take the name of the company and check it against the regulator’s register.

People should also continue to seek financial advice before switching their pension arrangements, the IS adds.

Tolhurst says: “Government continues to work closely with the Insolvency Service who are working to clamp down on rogue companies targeting vulnerable people.

“Our consumer protection regime is one of the strongest in the world and we are committed to making sure people know their right.”

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