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08 Jul 2021
The average loss from pension scams has reached £50,949 this year, according to the latest figures from Action Fraud.
That is more than double the typical figure of £23, 689 reported last year.
Action Fraud said the losses in each case ranged from less than £1,000 to as much as £500,000, and the real figures could be higher as many scams go unreported.
Mark Steward, the Executive Director of Enforcement and Market Oversight at the Financial Conduct Authority (FCA), said: 'Fraudsters will seek out every opportunity to exploit innocent people, no matter how much they have saved.
'Check the status of a firm before making a financial decision about your pension by visiting the FCA register. Make sure you only get advice from a firm authorised by the FCA to provide advice, before making any changes to your pension arrangements'
The FCA highlighted five common warning signs:
More information on pension scams is available from the FCA.