FCA launches new campaign to raise awareness of pension scams

From January to May 2021, over £2.2 million in pension scam losses has been reported to Action Fraud and the total amount may be much higher. 

The Financial Conduct Authority (FCA) has launched a campaign to raise awareness of pension scams and the tactics scammers use. From time-limited offers to free pension reviews, consumers are being urged to ‘flip the context’ and imagine how they would react if the same techniques were used in everyday settings instead of online. 

Anthony Arter, Pensions Ombudsman said:

“The Pensions Ombudsman (TPO) welcomes FCA’s new campaign. The actual figure lost to scammers may be much higher as it can take time before people realise they have been scammed and approach us for assistance. The message to ‘flip the context’ urges pensions savers to remain alert and use caution online.” 

FCA’s ScamSmart website gives consumers further tips on how to spot the techniques used by fraudsters including the FCA warning list. 

See FCA’s full press release.