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Pension liberation fraud cases on the rise

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There were 758 cases of pension liberation fraud recorded last year, up by 5 per cent on the previous 12 months, according to official data.

Figures compiled by Action Fraud and published by the Office for National Statistics show the number of cases is up from 719 in 2013.

The total number of pension fraud cases was 863 last year, up by 10 per cent from 785 in 2013.

The statistics also show there were 5,979 cases of investment fraud in 2014, up by 47 per cent on the previous year, when there were 4,074 cases recorded.

The number of pyramid or Ponzi scheme cases almost doubled, from 334 in 2013 to 633 last year.

In March a cross industry code of best practice was launched to help providers, administrators and pension fund trustees in the fight against pension scams.

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Comments

There are 6 comments at the moment, we would love to hear your opinion too.

  1. The Regulators are clearly doing a sterling job of the policing the market.

  2. Nearly 50% more investment fraud. Ponzi schemes nearly double. Yet the focus is on pensions…

  3. What Action Fraud data is this? Is it allegations made, operational taskings to LEAs, actual investigations commenced or (least likely, I suspect) actual proven fraud?

    If readers have never interacted with AF, they would be surprised how unreliable some of the reports can be. Literally no better than unmoderated comments on a website, which is in fact all they are.

  4. Also. Published where by the ONS?

  5. Julian Stevens 17th June 2015 at 3:28 pm

    A good place to start might be to make it a criminal offence to operate any sort of investment scheme without regulatory authorisation. Why doesn’t the FCA do this?

  6. @ Julian:
    (1) The FCA doesn’t do that because it’s a matter for legislators rather than regulators.
    (2) Define what you mean by “investment scheme” in precise, legally-enforceable terms.

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