Pension and investment scams are rife but there is a way to protect yourself. Furthermore, if your current provider is not regulated you should consider your position very carefully.

Financial scams can be hard to spot. Fraudsters can be plausible and financially knowledgeable, with credible-looking websites, testimonials and information that’s hard to distinguish from the real thing.

Scammers will make false claims to gain your trust, such as claiming they are authorised by a regulator or that they don’t need to be regulated because they aren’t providing the advice themselves – or even claiming to be acting on the behalf of a government agency.

Often they offer services which reputable firms also provide such as ‘pension reviews’. They may also try to push unusual or complicated structures or use high pressure tactics like ‘limited time offers’.

Scammers may offer you very attractive returns – often they invest in very high risk property projects, renewable energy schemes – or worst of all – they just disappear with your money.

Peace of Mind

But there are ways to protect your hard earned savings. Firstly, reject anything which sounds too good to be true – they invariably are. Scammers usually cold call out of the blue with a fantastic ‘pension opportunity’.

Always look into who you are dealing with. Check the financial regulators’ registers to make sure that anyone offering you advice or other financial services is authorised. For example this could be ASIC in Australia, the FCA in the UK or SFC in Hong Kong. If they are not on one of these err on the safe side and discontinue contact.

It’s also important to check they are not a ‘clone firm’ – a common scam pretending to be a genuinely regulated firm. Always use the contact details on the Register, not the details the firm gives you. You can also double check an individual’s details on places like Linkedin and if possible visit the business address or verify it with Google.

Getting the right pension product and right advice is a good thing to do, so don’t be put off shopping around for the best service, but always do your homework and beware of the scammers!

Regulated Advice

If you want regulated advice you can trust then contact Brite Advisors. We don’t have pushy salesmen, special offers or ‘amazing opportunities’ – just reliable, transparent, low fee pensions.