How to spot a scam

The pension freedoms and low interest rates on savings are making over 55s a target for pension scams.

A study conducted by the FCA revealed a fifth of over 55s and a third of over 75s believe they have been targeted by an investment scam in the last 3 years.*

The pension freedoms and low interest rates on savings are making over 55s a target for pension scams.

In 2015 victims of investment scams lost on average £32,000 each.*

One in eight people aged over 55 who invest in financial products would do little research before handing money over. The most common method of research was to check a company’s website. However fraudsters are known to create professional-looking websites to entice victims.

More than a quarter of over 55s falling victim to investment fraud are scammed via an unauthorised firm selling unregulated products, such as wine, diamonds and land.

Deciding what to do with your pension pot is a very important decision. It is crucial you seek advice, preferably face to face from an organisation you know and trust. Book a face to face appointment.

Avoid the Scams

  • Be wary of phone calls out of the blue asking about your pension 
  • Don’t make any decisions via phone or email.
  • Always speak to a Financial Adviser, from a reputable organisation • Don’t be pressured into making a decision
  • Check the FCA Warning List

REMEMBER

Fraudsters can be articulate and appear financially knowledgeable. They have credible websites, testimonials and materials that can be hard to distinguish from the real thing.

If you’re thinking about your retirement talk face to face to Newcastle Financial Advisers, who were established by Newcastle Building Society, a name you know you can trust simply book an appointment.

*Source:www.fca.org.uk, A third of over are 75s targeted with investment scams as FCA urges consumers to take time to check, 2016

 

 

Newcastle Building Society introduces to Newcastle Financial Advisers Limited for advice on investments, pensions, inheritance tax planning, and life cover. Newcastle Financial Advisers Limited is an appointed representative of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.