The FCA and TPR warn investors that they could lose 22 years of savings in 24 hours.
The analysis by the two regulators shows that the average victim of pension fraud loses £82,000 - and while it typically takes a saver 22 years to build up that pot, they could lose it in just a day.
Nearly a quarter of people surveyed admitted they would decide on a pension offer within 24 hours and 63% of people would trust a pension offer they received out of the blue.
Very grim and yet I am not sure public information or public scare campaigns can really work. We do seem to need action that stops the scams at source.
The seemingly weekly SJP story appears in Money Marketing which has the firm defending free seminars for BA pilots amid concerns about unnecessary DB transfers. SJP says it is following all the correct procedures.
Barnett Waddingham’s pensions expert Malcolm McLean – and former chief at TPAS and DWP civil servant suggests we need another pensions simplification/A-day as soon as possible because people are simply confused by all the rules.
IFAs were resistant to this in the comments fearing more upheaval for themselves and clients, yet is the status quo really acceptable?
Ros Altmann, a former pensions minister, also wants big changes including scrapping the lifetime allowance and the annual allowance taper.
Television presenter Helen Fospero has won a case against HMRC, escaping a tax charge of £80,000 under IR35 legislation.
Andy Briggs is named chief executive of closed life business Phoenix Group.
The Bank of England votes to leave interest rates at 0.75% but only by seven to two with two doves surprising pundits by voting for a cut. Some sort of rate cut is now expected in the near future but don’t they need to keep their powder dry for late January.
