Advice may protect pensioners from fraud: MetLife

Advice may protect pensioners from fraud: MetLife

Advice on retirement options will help people become better informed and see through financial fraudsters, Dominic Grinstead has said.

The managing director of MetLife UK said: “Pension flexibility offers the UK the chance to create a world-leading retirement saving system. Unfortunately it is also providing opportunities for fraudsters who already see retired people as potential targets, as shown by the fact that so many have been subjected to frauds.”

Research from MetLife has revealed that almost one in 10 pensioners have been targeted by financial fraudsters during their retirement. The methods ranged from attempted access to bank or savings accounts through so-called phishing activity, whereby people were tricked into handing over bank details and cards, to selling bogus investment and pension schemes.

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The insurance group said it has emphasised the real need for independent financial advice for people retiring this year.

Earlier this year, the Association of British Insurers and Pensions Advisory Service launched a campaign to help people avoid pension fraud.

Adviser View

Gary Dunn, partner at Lancashire-based True Potential Wealth Management, said: “This is happening and people need to be vigilant and be warned only to deal with regulated and authorised advisers. They can check qualifications, see if advisers are registered on Unbiased or VouchedFor, or get a second opinion if they feel unsure about someone.”