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Press Comment: FCA Scamsmart campaign results encouraging but many are still unattuned to the risk of pension scams

04/12/2018

If you are covering the FCA’s release about the results of its Scamsmart awareness campaign, please see the following comment from Jon Greer, head of retirement policy at Quilter:

"Clearly, the FCA’s Scamsmart campaign has helped to alert people to the dangers of pension scams, with hundreds of thousands more people going online to check out the campaign. Although this kind of engagement is encouraging, it is deeply concerning that over half (52%) of 45-65 year olds with a pension don’t think they are likely be targeted by a pension scam. This illustrates that there are still huge amounts of people unattuned to the risks of these types of scams and have their guard down. Pension scams are often persuasive and sophisticated with even the most savvy person liable to fall foul of one of these cons in an off-moment.

"Pension freedoms have drastically changed the retirement landscape but one of their unintended consequences is that while people have much easier access to their funds, they are also in turn more vulnerable to scams. Scammers now simply have to convince  an over 55 year old saver, to withdraw their funds and divert this money into other forms of investments with the promise of amazing returns, which never become a reality.

"Despite the cold calling ban being lauded as one of the ways to combat pension scams, its delay has frustrated many people, albeit the Government is grappling with all of the nuances and complications of its introduction. A ban may not necessarily deter the scammers, but it is clear campaigns to raise awareness, like that launched earlier this year by TPR and the FCA, send a clear message that will put people on their guard.

"A pension is something people have worked all their lives to build up but one lapse of judgement could mean that it vanishes. To avoid becoming a victim of a pension scam people take three steps to make sure they are comfortable they are making the right decision: 1) If you are contacted out of the blue, whether by phone, email or by post offering something that sounds too good to be true reject it; 2) Check the FCA’s Scamsmart site for companies on the warning list and 3) Speak to a financial adviser to be sure of your legitimate options with your pension savings."

For more information contact

Alex Berry023 8072 626007741 151931alex.berry@quilter.com

Notes to editors:

About Quilter plc:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £114.9 billion in investments (as at 31 March 2019).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions; and discretionary fund management.

The business is comprised of two segments: Advice and Wealth Management and Wealth Platforms.

Advice and Wealth Management encompasses the financial advice business, Quilter Financial Planning; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

Wealth Platforms includes Old Mutual Wealth UK platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

The Quilter plc businesses are being re-branded as follows: 

  • Quilter Financial Planning (previously Intrinsic)
  • Quilter Private Client Advisers (previously Old Mutual Wealth Private Client Advisers)
  • Charles Derby Group (becoming Quilter Financial Advisers)
  • Quilter Financial Adviser School
  • Quilter Cheviot
  • Quilter Investors
  • Old Mutual Wealth (becoming Quilter Wealth Solutions in 2020)
  • Old Mutual International (becoming Quilter International in 2020)

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.