Local advisor Neil Wilson can help with all aspects of retirement planning, inheritance tax planning and investments. Get in touch today to book a free, no-obligation initial meeting
Fraud & financial scams in the age of Coronavirus
Though admittedly on the rise and somewhat more savvy these days, fraud and financial scams are nothing new. In June 2019, the Crime Survey for England & Wales (CSEW) revealed an estimated 3,863,000 fraud offences against adults in that financial year alone. People of all ages and backgrounds are victims. However, it is our elderly community that are most at risk, with almost 5 million older people (65+) believing to have been targeted; often because their circumstances make them vulnerable. For those who are bereaved, lonely or living with dementia, the financial and health impacts can be devastating.
With a number of new scams being reported and unscrupulous companies targeting pensions and mis-selling products, it seems scammers are becoming increasingly more brazen; capitalising on a rise in people feeling financially stressed due to the Coronavirus pandemic.
Be they telephone scams, postal or online, many can be very convincing, making it hard to know what's legitimate and what isn't. When seeking financial advice, one way to ensure you're in trusted hands is to make sure the firm is regulated and registered with the FCA (Financial Conduct Authority).
Trading for 17 years, True Bearing is an award winning, FCA registered, Chartered firm of Independent Financial Advisers, with a passion for using their expertise to make sure your finances work for you. Seeking pensions advice from True Bearing is sure to be a step in the right direction.
How pension scams work –
Scammers usually contact people out of the blue via phone, email or text.
Scammers will make false claims to gain your trust, alleging they are authorised by the FCA, or that they don’t have to be FCA authorised because they aren’t providing the advice themselves. Some claim to be calling/writing on the behalf of the FCA or the government service 'Pension Wise'.
Scammers design attractive offers to persuade you to transfer or release money. From there, it could be stolen outright, invested in unusual and high-risk investments or in more conventional products, but within an unnecessarily complex structure which hides multiple fees and high charges.
warning signs –
Guarantees they can get you higher returns on your pension savings.
Help to release cash from your pension even though you’re under 55 (an offer to release funds before age 55 is highly likely to be a scam).
High-pressure sales tactics (pressuring you with ‘time-limited offers’ or even sending a courier to your door to wait while you sign documents).
Unusual investments (many of which tend to be unregulated, high risk and difficult to sell if you need access to your money).
Complicated structures, meaning it isn’t clear where your money will end up
Arrangements where there are several parties involved (some of which may be based overseas) all taking a fee, which means the total amount deducted from your pension is significant.
Local advisor Neil Wilson can help with all aspects of retirement planning, inheritance tax planning and investments. Get in touch today to book a free, no-obligation initial meeting.
Call: 07535 797791 or 01257 260011