Watchdogs Warn That 5M Savers At Risk From Pension Scams

Law360, London (August 7, 2019, 1:05 AM BST) -- Two in five retirement savers in Britain could be at risk of losing their nest eggs by falling victim to common tactics used by pension scammers, two finance regulators said Wednesday, even though the government has tried to raise awareness.

The Financial Conduct Authority and The Pensions Regulator said they found that more than five million retirement savers in the U.K., or 42%, are at risk of being taken in by a pensions scam. They admitted when questioned by the regulators that they would take action which would allow fraudsters to take advantage of them as they sought to boost their...

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