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FCA provides Scam Smart service

Pension scams / Investment fraud is often sophisticated and very difficult to spot.

Fraudsters invest a lot of time and effort to appear plausible, they can be articulate and appear financially knowledgeable. They have credible websites, testimonials and materials that can be hard to distinguish from the real thing

A significant number of people fall victim to scams every year, from experienced investors to individuals dealing with a large lump sum for the first time.

With the radical changes to the pension world that allows individuals access to their pension funds, the Financial Conduct Authority (FCA) is urging people to be ScamSmart visit (http://scamsmart.fca.org.uk/). They ask you to be aware of unscrupulous pension scams offering high investment returns or early access to your pension pot from fraudsters who want to trick people into investing their hard earned cash.

The FCA wants would-be investors to:

  • Reject cold calls – investment scammers will often cold call
  • Check the FCA Warning List
  • Get impartial advice

The firms that the FCA regulate are very unlikely to contact you in this way about investment opportunities.

How would you spot a scam – and what should you do if you have been a victim?

The FCA take action against fraudsters involved in certain scams, usually involving investments or pension products, but they also explain how to protect yourself from some other common scams.

Remember: if it sounds too good to be true, it probably is!

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