PensionsNov 8 2019

Savers too trusting of advice, regulators warn

Search sponsored by
Savers too trusting of advice, regulators warn

“For many people their retirement pot could well be the most valuable thing they own, so spending a bit of time researching before parting with it could save a lot of pain.”

James Jones-Tinsley, self invested pensions specialist at Barnett Waddingham, said: “It is both welcome and timely to see the FCA and TPR re-energising their ScamSmart activity, as well as providing statistics that certainly act to concentrate the mind in revealing how susceptible consumers – from all walks of life – can be in falling for a scam.

“We will soon be approaching the anniversary of the pensions cold-calling ban, and it is important that HM Treasury work with the regulators to reflect on how successful or otherwise it has been to date. 

“It’s critical that consumers are aware of the measures in place to protect them, including the ban and ScamSmart, and of the steps they can take if they have fallen victim to a scam and need support.”

The government banned cold-calling on pensions from this year, meaning firms calling savers out of the blue can face fines of up to £500,000.

What do you think about the issues raised by this story? Email us on to let us know