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LONDON, Aug 25 (Reuters) - British savers have lost 31
million pounds ($40.71 million) 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.
($1 = 0.7615 pounds)
(Reporting by Carolyn Cohn, Editing by William Maclean)
