FCA opens 85 cases over pension scam concerns

However, in its own submission to the committee, Pimfa said merely making people aware of online scams does not go far enough.

It highlighted that those particularly vulnerable to scams may not have the ability to check the FCA website for possible scams.

Pimfa stated: “The provision of information resources for consumers is important and for many, can act as a tool to screen out communications which they have some doubt about. 

“However, these tools are also reliant upon individuals accessing the information in the first instance and being aware of where to seek out the information. 

“To this end, we would argue that those most vulnerable to scams may not have the wherewithal to seek out the FCA website for example and check to see whether or not a firm appears on their register.”

Pimfa has suggested the government should look into whether it would be beneficial to run a public awareness campaign on pension scams.

The WPC inquiry on pension scams is expected to run until November.

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