In Focus: Vulnerability  

How to combat pensions scams

  • To understand the depth of the problem with pension scams
  • To learn what measures are already in place and how these operate
  • To be able to explain how to spot and report potential scams
CPD
Approx.40min
Pension scams: When will the penny drop?
Simoney Kyriakou investigates what is being done to combat pensions fraud
Enter
keywords

Pension scams are on the rise and, as everyone from regulators to members of parliament, advisers and industry practitioners alike have warned, in many cases victims will never get their money back.

The figures are startling and indicate a wider, rising trend as thieves become more canny in their approaches to people at vulnerable moments in their lives. 

This report from FTAdviser In Focus pulls together case studies from victims, interviews with politicians as well as industry commentators. and a wealth of statistical research to demonstrate how bad the situation has become.

It also outlines what regulators, the police, the government, trade bodies, providers and individual advice firms are trying to do to tackle the problem.

But while each individual body has a role to play in rooting out pension scams and cracking down on the perpetrators, experts have warned the response is too fragmented, too piecemeal and not tough enough. 

Therefore this report also explores some of the possible solutions that can be put in place to help the whole industry - as well as the authorities - join forces to bring pension thieves to justice and stamp out the scammers. 

Until joined-up thinking is implemented, the report claims, thousands more people will become victims to ever more sophisticated pension scams. 

The feature within the report qualifies for an estimated 40 minutes' worth of CPD. 

Simoney Kyriakou is senior editor for FTAdviser 

CPD
Approx.40min

Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. According to Mr MacGillivray, what makes scams 'several steps ahead'?

  2. What does Mr Timms say should be a default?

  3. What would Lady Altmann like to see?

  4. Mr Morrow says an early warning list could raise what?

  5. What sort of firm must not carry out DB advice, according to the FCA?

  6. What is 'key', according to Mr Fletcher

Nearly There…

You have successfully answered all the questions correctly, well done!

You should now know…

  • To understand the depth of the problem with pension scams
  • To learn what measures are already in place and how these operate
  • To be able to explain how to spot and report potential scams

I completed this CPD in

To bank your CPD please complete the form below.

Were the stated learning objectives met?

Why weren't they met?

What did you learn from undertaking this CPD exercise?

Why did you undertake this piece of learning?

Any comments about this article or FTAdviser's CPD in general?

Banked!

Congratulations, you have successfully completed and banked this piece of CPD

Already Banked!

You have already banked for this article.

To bank your CPD you must or

Register

One or more questions have been incorrectly answered,
 please review your answers and try again.

Please complete all the above text fields to bank your CPD.

More Pensions CPDSee my completed CPDSee all CPD