• Pensions

    Pensions+

    Whether you're saving for retirement or you are facing decisions at retirement, we can help

    View more
  • Savings Planning

    Savings+Planning

    Saving for the future is important and we can help you select the right product to achieve your goals

    View more
  • Mortgage Advice

    Mortgage+Advice

    We are specialists in arranging mortgages for First Time Buyers, people moving home, 'Buy to Let' mortgages and remortgages.

    View more
  • Investment Advice

    Investment+Advice

    Make the most of your money and don't leave it languishing in Building Society accounts

    View more
  • Equity Release

    Equity+Release

    Allows you to access cash tied up in your home - speak to one of our qualified advisers

    View more
  • Protect Insure

    Protect+Insure

    We can shop around for the lowest cost life cover, income protection and critical illness cover

    View more
 

Regulator 'alert to pension scams'

A regulator has vowed to be on the lookout for fraud and scams when new pension freedoms come into force in April.

Martin Wheatley, chief executive of the Financial Conduct Authority, said he expected con-artists to strike when the reforms were still new.

"Scams and fraud, we know, tend to proliferate at the moment of maximum uncertainty," he said in a speech.

New rules, making it easier to access pension pots, take effect on 6 April.

Those aged 55 and over will be able to spend their defined contribution pension savings as they wish, unless they have already bought an annuity, or retirement income.

Previous pension fraud has centred on persuading people to "liberate" their pensions before the age of 55, and Mr Wheatley said this was likely to continue.

"A particular risk, given that many of those approaching retirement today will - unlike their parents' generation - be carrying debts with them," he said.

However, criminals have already started to bombard people aged 55 and over who are approaching retirement with phone calls and text messages ahead of the April changes.

Pensions analysts last week warned that the pension changes could prompt an "open season" for fraudsters.

The government's own guidance service is called Pension Wise.

Source:  bbc.co.uk

Money Matters: 12th Mar 2015 09:15:00

 

Latest News

Shift from annuities to drawdown continues
Shift from annuities to drawdown continues

Read More >>

Base rate rise could cost variable borrowers £83m
Base rate rise could cost variable borrowers £83m

Read More >>

It costs £10,830 a year to be a pensioner
It costs £10,830 a year to be a pensioner

Read More >>

Buy-to-let market pauses for breath amid new rules
Buy-to-let market pauses for breath amid new rules

Read More >>

Remortgage and beat the base rate rise
Remortgage and beat the base rate rise

Read More >>

See all News...
  • Pensions

    Pensions+

    Whether you're saving for retirement or you are facing decisions at retirement, we can help

    View more
  • Savings Planning

    Savings+Planning

    Saving for the future is important and we can help you select the right product to achieve your goals

    View more
  • Mortgage Advice

    Mortgage+Advice

    We are specialists in arranging mortgages for First Time Buyers, people moving home, 'Buy to Let' mortgages and remortgages.

    View more
  • Investment Advice

    Investment+Advice

    Make the most of your money and don't leave it languishing in Building Society accounts

    View more
  • Equity Release

    Equity+Release

    Allows you to access cash tied up in your home - speak to one of our qualified advisers

    View more
  • Protect Insure

    Protect+Insure

    We can shop around for the lowest cost life cover, income protection and critical illness cover

    View more