Action Fraud, the UK national reporting centre for fraud, is warning savers to remain vigilant and protect their pensions, as research showed £1.8m has already been lost to pension fraud in 2021. Action Fraud has just launched a national awareness campaign to remind the public about the importance of conducting research before making changes to pension arrangements.
For the first three months of 2021 alone, 107 reports of pension fraud have already been received. This is a rise of almost 45% when compared with the same period in 2020.
Pauline Smith, head of Action Fraud, said: “Criminals are malicious and unapologetic when it comes to committing pension fraud. They are motivated by their own financial gain and lack any kind of empathy for their victims, who can often lose their whole life savings to these scams. “We know pension fraud can have a devastating impact, both financially and emotionally, but any one of us can fall victim to a fraud and it’s nothing to feel ashamed or embarrassed about. It’s incredibly important that instances of pension fraud, and attempted scams, are reported to Action Fraud.”
Mark Steward, director of enforcement and market oversight at the Financial Conduct Authority, said: “The best way to protect yourself is to know who you’re dealing with “Always check the FCA register to make sure that anyone offering you pension advice or any other financial service is authorised by the FCA to perform the service they are providing for you, and that the details they are providing are the same as those on the register.”
Iceni Financial Advisers Limited are FCA registered, account number 596084.