The Pensions Regulator (TPR) is speaking to pensions professionals across the UK to help them prevent their clients falling victim to fraudsters.
TPR’s industry liaison team is touring the country over the next three months meeting financial advisers and spreading the warning message about scams.
During July – national scams awareness month – TPR staff are speaking at events organised by the Personal Finance Society (PFS) across the South East, London and the Midlands.
At each venue they will highlight the warning signs of scams, how advisers can ensure their clients don’t fall victim to them and what to do if they think one of their clients has been scammed.
TPR leads Project Bloom, a multi-agency taskforce which is working with government, the pensions industry, law enforcement agencies and other regulators to combat pension scams.
Mike Broomfield, TPR’s Head of Intelligence, said:
“Financial advisers have a key role as the people their clients trust and rely on to keep them informed about the best way to secure their future.
“By helping advisers stay up to date with the latest information about scams, we can prevent fraudsters from getting their hands on people’s pension funds.”
James Mouland, from West Sussex-based Compass Financial Planning and Employee Benefits, listened to the TPR team at a PFS event in Brighton last week.
He said: “The session was really helpful. At Compass, we recognise how important it is for us to be fully up to speed with the latest intelligence on scams.
“It means we can keep our clients aware of the key danger signs to look out for so that they are protected against those who are looking to pull the wool over their eyes.”
During July the team will meet advisers in Surrey, Sussex, Derbyshire, Birmingham, Shropshire, Hertfordshire, Oxfordshire and London.
Over the coming months they will also travel to the North West, Yorkshire, Wales, the South West, the North East, Scotland, Northern Ireland, the Isle of Man, East Anglia and the South Coast.
Visit pension-scams.com for tips on how you can prevent yourself, your friends and your family from becoming a victim. This includes an online scam-spotting tool for those considering investing their pension pot and a quick five-step guide to help savers protect themselves with practical tips and questions to consider.
- Five signs of a scam to be aware of are:
- a free pension review
- the promise of guaranteed returns on your investment
- low tax / tax-free rates, including tax-free lump sums
- exotic sounding and/or overseas investments
- pressure to sign up quickly to avoid missing out
- TPR is the regulator of work-based pension schemes in the UK. Our statutory objectives are: to protect members’ benefits; to reduce the risk of calls on the Pension Protection Fund (PPF); to promote, and to improve understanding of, the good administration of work-based pension schemes; to maximise employer compliance with automatic enrolment duties; and to minimise any adverse impact on the sustainable growth of an employer (in relation to the exercise of the regulator’s functions under Part 3 of the Pensions Act 2004 only).
James GloverSenior Media Officer