More than £30 million lost to pension scams

27 Aug 2020

Over £30 million has been lost to pension scams since 2017, according to the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR).

£30,857,329 in pension savings has been lost to scammers since 2017, data published by the FCA and the TPR revealed. Reported losses ranged from under £1,000 to as much as £500,000. The average victim was a man in his 50s, the FCA and the TPR found.

65% of pension savers said they felt confident they could spot a scam. However, four in ten would put themselves at risk unknowingly by engaging with a common scam tactic such as being told it's a time-sensitive offer.

The FCA and the TPR have advised savers not to be pressured into making any decisions about their pensions, and to reject unexpected pension offers, whether these are made online, via social media or over the phone.

'During these uncertain times, it is more important than ever to defend your lifetime savings from scammers,' said Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA.

'Fraudsters will seek out every opportunity to exploit innocent people, no matter how much or how little you have saved.'

Home | Contact us | Accessibility | Disclaimer | Help | Site map | Accreditation |

© 2020 DSJ Partners (UK) Limited. All rights reserved. | DSJ Partners (UK) Limited, 2nd Floor, 1 Bell Street, London NW1 5BY

Registered in England & Wales Registration number: 09346452.

Registered to carry on audit work in the UK by the Institute of Chartered Accountants in England & Wales. Details about our audit registration can be viewed at www.auditregister.org.uk under reference number C004601804.

In accordance with the disclosure requirements of the Provision of Services Regulations 2009, our Professional Indemnity Insurers are Arch Insurance (UK) Limited. Contact details: 5th Floor, Plantation Place South, 60 Great Tower Street, London EC3R 5AZ. Policy number P0014402PI2019SU0.

We use cookies on this website, you can find more information about cookies here.