This really makes us angry, you save your whole life and some low life scum-bag convinces you to give your money away. Sounds like fantasy but the FCA estimates up to 40% of pension transfers are linked to either fraud or un-regulated and unsuitable solutions! We have at least 4 clients who have been ripped off in the past!!
Here’s some simple ways to help spot a scam:
- With the clampdown on marketing and cold-calling, chances are anyone phoning you that you are not expecting is a shark – put the phone down! This goes for unsolicited texts also!
- Where they explain you can take money out before the age of 55.
- Offering exotic investments including overseas property, hotels or golf courses
- Where they use words like “liberation”, “loophole”, “overseas”, “ethical”, “new industry” or “loan”.
- Where paperwork is couriered to you and time pressure is applied.
If in doubt – DO NOT DO IT! Seek a 2nd opinion and contact your local independent financial advisers immediately to get quality advice from experts you can trust!