Victims of pensions scams could lose 22 years’ worth of savings within 24 hours
Publish date: 15 November 2019
Issue Number: 98
Diary: CompliNEWS
Category: Pensions
The UK's Financial Conduct Authority (FCA) has published new analysis as part of the regulators’ joint ScamSmart campaign. It reveals that it could take 22 years for a saver to build a pension pot of £82,000 – the average amount victims lost to scams in 2018. But despite this, many savers could be at risk of falling for scammers tactics within 24 hours. New research reveals that almost 1 in 4 people (24%) surveyed, admitted to taking 24 hours or less to decide on a pension offer.
Worryingly, overconfidence could also lead to savers missing the signs of a scam. Despite nearly two-thirds (63%) saying they are confident making decisions about their pension, the same proportion (63%) would trust someone offering pensions advice out of the blue – one of the main warning signs of a scam.
