Financial Conduct Authority (FCA) research estimates that over 10 million UK adults received an unsolicited pension offer in just one year. Each victim of pension scams lost an average of £91,000 to fraudsters. So there are plenty of suspicious activities or operations out there – but how can you protect yourself and your financial wealth?
Protecting the public
Financial Fraud Action UK provides broader tips to protect yourself and your finances with their Take Five guidelines:
1. Never disclose security details
2. Don’t assume an email, text or phone call is genuine
3. Don’t be rushed
4. Listen to your instincts
5. Stay in control
Pensions freedom rules has given greater access to pension funds so fraudsters are targeting people aged 45-65 particularly, but we should all be on our guard.
The FCA and the Pensions Regulator have been raising awareness with advisers like Origen, employers and the public to help them to be more watchful. In particular, in relation to pension scams they identify four simple steps:
1. Reject unexpected pension offers
2. Check the status of a firm with the FCA before changing your pension arrangements – you can check the FCA register
3. Don’t be rushed or pressured into making any decision about your pension
4. Consider getting impartial information and advice.
Their factsheet provides helpful tips on how to spot scams before it is too late and also what you should do if you suspect a scam.
How can Origen help you
As your Financial Adviser, we are always here to provide reassurance and we look to build long term relationships with our clients. Over 80% of our clients have benefited from our advice services for five years or more, demonstrating the value of long term trust in the financial advice which we provide.
We do not recommend unregulated products which helps to provide additional reassurance and protection in the financial products and services where we provide advice.
We encourage you and our clients to consider other sources of guidance and information for your financial planning and raise any questions you have with your Origen adviser. We aim to educate clients about their financial requirements, so that you can make informed financial decisions about their future. An awareness of the risks of fraud and scams is an important part of this support and advice services which we provide.
Keeping your personal information safe is very important to us and we fully abide by the The General Data Protection Regulation (GDPR). Whenever you call Origen, or if we call you, we will take you through security questions to verify your identity. This is the same procedure as your bank or other financial institutions should follow. If you ever have any suspicions as to who you are talking to we recommend that you hang up the call and make contact directly with the financial institution on one of their main contact numbers to ensure that the call as genuine.
Remember your Origen adviser is available to check any offer you receive, so be wary and ask questions and if in doubt do not proceed until you are completely satisfied with the advice and recommendations that are being made.
Origen Private Client Adviser