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Is your DFM investment portfolio a scam?

17/04/2019

The FCA has warned that it has seen an increase in scams ran through discretionary fund managers – often a part of SIPP pensions. DFMs are portfolios of investment bonds The bonds are chosen and managed Portfolios are often rated by risk Many DFMs may involve scams Did you move your pension to a SIPP … Continued

A claims handler checks paperwork for negligence

Why checking your pension advice for negligence might save your retirement

08/04/2019

Transferred a pension in the last 15 years? You may have received bad advice that could put your retirement at risk. Thousands mis-sold Final salary pension transfers often not what they seem Many SIPP pensions still involved in scams How to check for mis-selling claims A new study by the Pension Scams Industry Group (PSIG) … Continued

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Torch Wealth Management to pay up over SIPP advice

11/03/2019

Financial advice firm Economic Financial Solutions IFA, which also went by the name of Torch Wealth Management, is set to pay a client compensation over SIPP pension advice. The Financial Ombudsman Service decided that Mr M’s complaint should be upheld, after he said he had suffered “severe financial losses” as a result of Torch Wealth … Continued

a businessman with a briefcase walks through a desert with a red flag

10 signs of a pension scam revealed

05/03/2019

Back in 2015, the Pensions Scams Industry Group (PSIG) was voluntarily set up to look into the causes of pension scams – a huge part of the fight against people losing their pensions. Using data collected from three different pension providers, they’ve probed into over 27,000 pension transfers from Defined Benefits pension schemes worth over … Continued

Answers to questions about final salary pensions

BIG questions about final salary pensions

14/02/2019

We know final salary pensions can be confusing. Here’s some answers about defined benefit pensions that might just help you get your head around them. This article is for information purposes only and is not financial advice – if you are looking for advice or considering changes over your own final salary pension, always seek … Continued

a wanted sign for carbon credits fraudsters

£2.4m carbon credits investment fraudster on the run

13/02/2019

Now several years on from when Carbon Credits investments were being plugged by marketing firms and IFAs as the go-to green investment for savers, one fraudster is on the run from the London Police. Sami Raja from Essex was sentenced to eight years for his part in £2.4 million fraudulent Carbon Credits scheme in January … Continued

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Pension Scams: Organised crime groups sometimes involved

12/02/2019

A cross-organisation task force called ‘Project Bloom’ has indicated that a number of ‘fraudster families‘ are often involved in pension scams. Project Bloom is made up of staff from the National Crime Agency and The Pensions Regulator, and says that organised crime groups sometimes use ‘rogue advisers’ to target and scam people out of their … Continued

a keyboard highlighting the word SCAM

£197m: the cost of investment scams in 2018

06/02/2019

The Financial Conduct Authority’s Action Fraud team has released a figure for the amount of money lost to investment scams in 2018: a staggering £197m. On average, each scam victim in 2019 lost £29,000. What does an investment scam look like? The recent findings came were extra information: investment scams are changing, and usually involved … Continued

The FOS has seen a 27% rise in SIPP complaints

27%: Ombudsman sees rise in SIPP complaints for last quarter

05/02/2019

The Financial Ombudsman Service (FOS) has recorded another jump in complaints about SIPP pensions in the quarter leading to December 2018, new figures show. The 27% per cent increase saw complaints rise from 777 in the previous quarter, up to 1,029 complaints leading to December for mis-sold pension claims. SIPP mis-selling in the press While … Continued

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Consumer Wealth Ltd goes into liquidation

04/02/2019

Consumer Wealth Ltd, a financial advice firm that was facing 13 complaints via the Financial Ombudsman, has gone into liquidation. The firm went into a solvent liquidation back on the 14 January 2019 with RMS as liquidator. Complaints to the FOS The Financial Ombudsman Service, which is there to settle disputes between consumers and financial … Continued