Pension savers, at the moment, must be directed to Pension Wise by their scheme providers when they want to access their savings. However, today the DWP set out new proposals to require more stringent checks down the road.
Guidance of this nature may be more crucial than ever as recent data from Action Fraud showed pension scam victims are losing an average of £50,000, double last year’s figure of £23,689.
Additionally, research released in early July from the FCA detailed scammers have targeted over £2 million worth in pension pots in the last five months alone.
The FCA warned pension holders are nine times more likely to accept advice from someone online than they would from a stranger met in person.
On top of this, they are five times as likely to be interested in a free pension review from a stranger online than someone in their local pub.
In light of these findings, Mark Steward, the FCAs Executive Director of Enforcement and Market Oversight, urged retirees to be aware of digital risks.
He said: “Imagine a stranger in a pub offering free pension advice and then telling you to…
