Unfortunately there are people who will try to scam you out of your savings or even your pension. Some scams are very sophisticated and scammers are opportunists. It is not only the gullible that get scammed and it pays for everyone to be aware of scamming. However, we particularly want to raise awareness amongst our clients because many of the people we advise are at or in retirement. Clients who are at or in retirement can be vulnerable to scamming because they may be making big financial decisions that go beyond their usual day-to-day financial knowledge, for example deciding what to do with a pension at retirement. Some older investors start to find money matters more confusing and unfortunately this can be taken advantage of.
The warning signs of scam are:
You can check whether a firm or individual is a known scammer on the FCA website here: https://www.fca.org.uk/consumers/unauthorised-firms-individuals. However, if they don’t appear on the list do not assume the firm is legitimate if there are other warning signs.
Sometimes scammers impersonate someone you do have a legitimate relationship with, such as your bank. Remember:
If you think something might be a scam:
You can also protect yourself by installing antivirus software on your computer.
For further advice or to report a scam contact the Citizens Advice Consumer Service: https://www.citizensadvice.org.uk/consumer/get-more-help/if-you-need-more-help-about-a-consumer-issue/. You might be able to stop others from being scammed if you report a scam.
We are also happy for existing clients to run things past us if they are concerned. Please call us on 0117 966 5699.