“Scammers will try to flatter, tempt and pressure people into transferring pension funds into investments with guaranteed returns, most of which will be bogus,” said Lesley Titcomb, chief executive of the Pensions Regulator, reported the Financial Times.
The regulator was launching a campaign to alert people to the dangers lurking behind phone calls and messages from unauthorised firms, which typically offer a ‘free pension review’ and then promote investments with very high rates of return, often with spurious guarantees. The regulator advised people to check if an adviser is authorised on the Financial Conduct Authority register at www.fca.org.uk/register.