Home Business News Pension scam victims lose millions in a day

Pension scam victims lose millions in a day

by LLB Editor
8th Nov 19 7:10 am

New FCA and TPR research reveals nearly two-thirds (63%) of people would trust someone offering pension ‘advice’ out of the blue

  • Worryingly, 1 in 4 people would take 24 hours or less to decide on a pension offer
  • It could take 22 years to build up a pension pot worth £82,000 – the average amount lost by scam victims in 2018
  • Hubris appears to be a significant problem, with more highly-educated people potentially more vulnerable to falling for common scam tactics

Tom Selby, senior analyst at AJ Bell, comments: “Hubris and trusting the ‘advice’ of strangers are proving to be the undoing of scam victims. This is a recipe for disaster as fraudsters prey on the good nature of hard-working savers.

“The results of scams are often heartbreaking, with thousands of people losing pensions they have worked their entire lives to diligently build up. In many cases victims are left with little or nothing to fall back on, and have to face up to working longer or living in penury in retirement.

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