British pension savers lose £31 million to scams since 2017 - regulators

[snoop1130]

British pension savers lose £31 million to scams since 2017 - regulators

 

FILE PHOTO: An elderly couple walk past a chip shop in the Springburn area of Glasgow, Scotland,

 

LONDON (Reuters) - British savers have lost 31 million pounds to pension scams since 2017 according to official data but the actual figures are likely to be much higher, British watchdogs said on Tuesday.

 

Individual losses from pension scams reported to the Action Fraud national reporting centre ranged from less than 1,000 pounds to 500,000 pounds, and the average victim was male and aged in their 50s, the Financial Conduct Authority and The Pensions Regulator said.

 

The figures are likely to be under-stated because pension savers often don’t recognise when investment schemes are scams, and also do not know how much they have in their pension pots, the regulators said.

 

British lawmakers last month launched an inquiry into pension scams following a relaxation in pension rules five years ago which increased the scope for fraud, a problem expected to get worse during the coronavirus pandemic.

 

“During these uncertain times, it is more important than ever to defend your lifetime savings from scammers,” said Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA.

 

As part of their ScamSmart campaign, the regulators have teamed up with football commentator Clive Tyldesley to encourage pension savers to get regulated advice before switching their pension pots.

 

“Take your time, seek advice...don’t agree to anything you’re unsure of,” Tyldesley said.

 

-- © Copyright Reuters 2020-08-26

 

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[stouricks]

Been there and done it, with a guy in Pattaya being the scammer.

[goldenbrwn1]

My mum and dad crack me up when they get the scammer landline calls in the U.K. They are both in their 70’s very clued up and wind the sh## out of them.  I can’t even repeat some of things they say it even makes me cringe. They keep them on the phone for ages as-well.  And with the covid lockdown the phone has been ringing a whole lot more.  They are sometimes like a pair of kids arguing whose turn it is.  Yes I’m living with them, have been stuck here since March.    Great entertainment though. ???? 

[rtco]

14 hours ago, stouricks said:

Been there and done it, with a guy in Pattaya being the scammer.

Me too with a guy in Bangkok but we filed a complaint against him and other FA's with the Thai SEC and he was passed over to the Economic Crime Division for further action ... https://www.bangkokpost.com/business/856124/sec-files-complaint-against-uk-man?fbclid=IwAR2IhOKKnk1TQQZjwKmSj8zBdIhrBM3RoItQyRbcGo8Xll5ZYqeF-HVGYf0 ... not sure where he is now but others have left the country as a result of the criminal complaints. Good f#$@ing riddance I say.

 

The legal process continues today … https://www.dailymail.co.uk/money/news/article-8403293/Savers-insurance-giants-court-claiming-lost-100m.html?fbclid=IwAR3l88QriOAbpg_hsdrVFin_7scptnOYWDSU9-kfyNe_hpY-rCaYrYAyhbk ... some 7-years after the recommended fund (later found out to be a Ponzi scheme) went bust.

 

While they are living a life of relative luxury through their high earning commissions the poor said they scammed, like me, are wondering where their next meal is coming from.

[flossie35]

A Tory government gave the scammers the green light by giving certain pensioners the "freedom" to decide what to do with their pension funds. Freedom to be scammed in too many cases.

[Dionigi]

not a patch on the money lost when various governments have used the Uk pension fund as their own personal bank account to fund their projects and then claim there is no money left for pensions. Some one said to me the other day that they needed young people paying in to fund the old peoples pensions. seems strange to me that it is supposed to be an insurance scheme, it is even called that, yet when governments do it it is short of money yet I have never heard of a reputable insurance company not paying out. If a private company did what the Uk goverment did it would be called fraud.

[Bender Rodriguez]

easy come, easy go

[topt]

2 hours ago, flossie35 said:

A Tory government gave the scammers the green light by giving certain pensioners the "freedom" to decide what to do with their pension funds. Freedom to be scammed in too many cases.

You don't think individuals should have that choice?

[digger70]

2 hours ago, Dionigi said:

not a patch on the money lost when various governments have used the Uk pension fund as their own personal bank account to fund their projects and then claim there is no money left for pensions. Some one said to me the other day that they needed young people paying in to fund the old peoples pensions. seems strange to me that it is supposed to be an insurance scheme, it is even called that, yet when governments do it it is short of money yet I have never heard of a reputable insurance company not paying out. If a private company did what the Uk goverment did it would be called fraud.

Same as yrs ago in Aus the government used up all the peoples money that they payed in to their Super   It  turned out to be a Super scam by the government. The people Lost .

[roquefort]

5 hours ago, Dionigi said:

not a patch on the money lost when various governments have used the Uk pension fund as their own personal bank account to fund their projects and then claim there is no money left for pensions. Some one said to me the other day that they needed young people paying in to fund the old peoples pensions. seems strange to me that it is supposed to be an insurance scheme, it is even called that, yet when governments do it it is short of money yet I have never heard of a reputable insurance company not paying out. If a private company did what the Uk goverment did it would be called fraud.

It's called a Ponzi scheme.

[VBF]

The biggest UK scam of all is the one perpetrated by the government itself!

 

After 30 - plus years of being told i would get my pension at age 65, and after contributing all my working life, even when working overseas, the UK calmly moved pension ages back by 1 or more years, depending on one's date of birth!

 

I only (!!) lose 1 year, but the younger you are, the older you have to be to get your State Pension  https://www.gov.uk/state-pension-age

[Grusa]

"It's an equitable life, Henry"

 

B@st@rds!

[Baerboxer]

On 8/26/2020 at 5:44 PM, stouricks said:

Been there and done it, with a guy in Pattaya being the scammer.

 

There's plenty around, Bangkok as well as Pattaya. As well as all the online ones based in all sorts of countries. 

 

Some real gems here - wreak of dodgyness.

[Baerboxer]

13 hours ago, flossie35 said:

A Tory government gave the scammers the green light by giving certain pensioners the "freedom" to decide what to do with their pension funds. Freedom to be scammed in too many cases.

 

These scams have been going on for decades. Blair and Brown, that wonderful double act, eased the financial rules enormously. 

 

People were being mis-sold pension schemes and wrongly advised back in the 80's. 

[Baerboxer]

15 hours ago, goldenbrwn1 said:

My mum and dad crack me up when they get the scammer landline calls in the U.K. They are both in their 70’s very clued up and wind the sh## out of them.  I can’t even repeat some of things they say it even makes me cringe. They keep them on the phone for ages as-well.  And with the covid lockdown the phone has been ringing a whole lot more.  They are sometimes like a pair of kids arguing whose turn it is.  Yes I’m living with them, have been stuck here since March.    Great entertainment though. ???? 

 

I must admit I do wind them up too. 

 

I reckon I've found one really good company and person whose given me lots of good advice and facts without getting anything in return due to certain rules. A professional. One out of a dozen!

[VBF]

On 8/27/2020 at 3:42 PM, Baerboxer said:

 

These scams have been going on for decades. Blair and Brown, that wonderful double act, eased the financial rules enormously. 

 

People were being mis-sold pension schemes and wrongly advised back in the 80's. 

And in those days, there wasn't a FCA to whom you could complain and possibly get some recompense.

But, being perfectly honest, many of these scams only work because people are too trusting of those they don't know, greedy and fail to do any "due diligence".

 

There's an old saying about a fool and his money. ????