Scams


On a number of occasions I’ve had to break the news to people, some of them clients, that the material they are reading or listening to is a scam. What used to be restricted to be only phone calls and letters, is now finding its way into our field of vision via email, web adverts and social media. Offers always seem attractive, include free advice and usually promise to help you receive some financial reward.

What amazed me on most occasions is that the people I have to explain the scam to, or even have to persuade them that it is a scam, are highly intelligent people. Some of them on the verge of parting with money and give their details away.

Scammers have always been around and they are not going away anytime soon. If attempts to scam us didn’t work then they scammers would stop and give up. The truth is that it does work and the scammers are getting cleverer and more sophisticated.

The reason we at iPlanning are raising this issue is that there has been an increase in pension scams since the announcement of greater pension freedoms and access to pension funds.

If you are contacted by people, usually people you don’t know, about releasing or accessing your pension, don’t give them any information or any hint that you are interested.

There are useful sources resources open to you if you are approached or think you’ve been scammed. Probably the first place to visit is the Financial Regulators ScamSmart site and this link will take you to where you need to go.

Disclaimer: The views expressed in this post are those of the author only and are not necessarily those of I Planning Wealth Management Ltd. All material in this post should be considered as general information only and should in no way be construed as a recommendation of a specific product or course of action. Each circumstance is different and professional advice tailored to your circumstances should be sought from a qualified financial adviser.

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