Be careful under pension freedoms – Wheatley

Be careful under pension freedoms – Wheatley

Martin Wheatley, the FCA chief executive, has warned people to be vigilant about fraudulent activity as the pension flexibilities approach.

As part of the regulator’s ScamSmart campaign, Mr Wheatley urged people to reject cold calls, get impartial advice and check the FCA warning list when considering investments.

He said: “The new pension flexibilities will offer people the freedom to make choices that suit their plans for retirement. But this is exactly the time when people need to be alert to the dangers of scammers offering opportunities that are too good to be true.”

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The FCA’s ScamSmart website offers tips about how to avoid fraudulent activity and lets people check whether a potential investment is on the watchdog’s warning list.

Adviser view

Mark Hibbit, director of Bristol-based Sovereign IFA, said: “If an investment seems too good to be true it probably is.”