For every fraud or scam statistic we should all be mindful there is a person behind that number. With prevention messages continuing such as seeking free guidance from The Pensions Advisory Service and Pension Wise obviously there is more to be done.
A cold calling ban can only help but enforce the message that if you are receiving a cold call to invest it CANNOT be legitimate.
We need to ensure pension pots are not exposed to scam tactics and fraudsters. Do you know anyone who could be approached? Can they be pre warned to the dangers?
Statistics are not just numbers.
Losses from pension scams climbed to a record high of £8m in March, weeks before the UK government shelved measures to protect elderly savers from fraudsters. Figures released by the City of London police showed that £8.6m in losses were reported by 24 victims of pension fraud in March, a sharp increase on the £779,000 reported by 12 individuals the month before.In total, more than £42m has been lost to “pension liberation fraud” since April 2014, when radical changes to pension rules where announced by George Osborne, the former chancellor.