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MAS raises alarm over unregulated firms claiming to represent Government body

The Money Advice Service has issued a fresh warning over unregulated firms contacting consumers claiming to be representative of the Government or MAS itself.

Last week, the MAS revised details on its site to warn consumers of “fraudsters saying they are from the MAS”.

It says the Budget has sparked an increase in cold-calling from unregulated firms, in some cases saying that they are from the Government or the MAS.

MAS retirement and pensions specialist Jackie Spencer says: “We are very concerned by unregulated firms claiming to be from the MAS contacting consumers and offering pensions advice.

“The service does not offer pension reviews. Anyone receiving unsolicited calls from someone saying they’re from the MAS should treat it as fake, and ring us to report the call.”

Advisers have been critical of unregulated firms contacting consumers in the wake of the Budget and anecdotal evidence suggests there has been a recent spike in the number of firms offering unregulated pension unlocking.

In May, the FCA issued a warning to consumers over unsolicited calls on the back of the Budget.

The regulator said it had seen evidence of cold-callers urging savers to move their pension pot, with the money typically invested in unregulated investments.

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. Christine Brightwell 11th July 2014 at 1:10 pm

    Why is anybody surprised by this development?

    When the issue of face to face advice was raised in the budget it was not clarified as being only from properly regulated advisers. It was just a big colourful balloon for the cold calling brigade to grab.

  2. More and more consumers seek to make perceived saving via the internet without knowing the consequences. We are all being text, e-mailed and phoned by these unregulated entities.

    Maybe MAS could spend some of its budget on media adverts with BIG WARNINGS about these types of companies and the risk.

  3. Good grief! People in glass houses!

    Is MAS Regulated (as we are)? Are they trained to at least Level 4?

    This organisation seems on the face of it to be so totally inept that the best thing than can do is to keep a very low profile. – Particularly with the Financial Services community.

  4. The delicious irony of ….warn consumers of “fraudsters saying they are from the MAS”.

  5. Hector's House 12th July 2014 at 1:12 pm

    Who exactly are the Fraudsters? The MAS or the people claiming to be from the MAS?

    From where I am, I can’t tell the difference!

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