4media group recently worked with the Financial Conduct Authority (FCA) on a campaign to tackle pension scams, as new figures revealed that people who have suffered at the hands of pension scammers reported losses of an average of £91,000 each in 2017.
The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) joined forces to urge the public to be cautious when approached about their pension. The two regulators came together to launch a new ‘ScamSmart’ campaign to target pension holders aged 45-65; the group most at risk of pension scams.
This came as a new survey commissioned by the regulators revealed that a third (32%) of 45-65 year olds surveyed would not know how to check whether they are speaking with a legitimate pensions adviser or provider.
Highly sophisticated scammers lure people into transferring their pensions into fraudulent schemes, stealing an average of £91,000 per scam. Victims of pension scams can lose their life savings and be left facing retirement with limited income. And it is believed that only a minority of pension scams are ever reported.
Dr. Dimitrios Tsivrikos, a consumer and business psychologist from UCL, joined us in the studio to discuss the research findings and to tell us how one can protect themselves against these calls.
The campaign secured an incredible 39 items of broadcast coverage across BBC and commercial outlets, including London Live, BBC Radio Scotland, BBC Radio Nottingham, BFBS and more.