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FCA calls for more ‘resources and money’ to tackle pension scams

FCA calls for more ‘resources and money’ to tackle pension scams

The FCA has told MPs on the Work and Pensions Committee (WPC) that it needs more funding to tackle pension scams as it has been ‘raiding’ cash reserves to pay for recent anti-scam campaigns.

The FCA has had a profound input on anti-scam campaigns over the years to ensure the future of this mis selling, is put to an end.  The WPC has recently looked into new avenues on how to protect pension savers from scams.  The FCA have aimed to spread the awareness of such scams; by utilising marketing materials and smart campaigns to advertise the risks scams can impose on ones investments and pension pots.

The FCA has outlined, that although the marketing is effective the resources to continue is limited; which could effect the target reach of clients being able to view such marketing materials to help prevent future pension transfers and negligent advice to continue.

According to its annual reports and accounts for 2019/20, the FCA’s anti-scam work, including the £2.6m it spent so-far on ScamSmart, falls under its ‘professional fees’ costs. These ‘professional fees’ come under the FCA’s Annual Funding Requirement (AFR), which is – in part – paid for by regulated firms’ fees each year.

Unregulated and negligent pension transfer advice has been a hot topic over the last few months, which can lead clients to become a victim of large monetary losses.  Here at Angelus Law, we are proficient within the financial mis selling field and take all the necessary steps to guarantee our clients receive what is rightfully theirs.

Please get in touch if this story relates to you, so we can assist you with a financial mis selling claim.

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