Law360, London (March 20, 2020, 1:37 PM GMT) -- Britain’s finance watchdog has identified a number of fraudsters who are attempting to swindle customers by offering to transfer their pension funds for an upfront fee, a scam that has become more popular in the years since the government granted significant pension freedoms.
The Financial Conduct Authority said Thursday that scammers may be contacting former clients of Wales-based financial advice firm Synergy Wealth Ltd. and London-based investment manager Westbury Private Clients LLP.
“We believe fraudsters may be offering to review individuals’ pensions and arrange a pension transfer for an inappropriately high fee,” the watchdog said.
The companies involved are believed to...
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