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City watchdog to probe pension freedom rip-offs

Clearly, shopping around for the right pension can mean the difference between a miserable and comfortable retirement.  When deciding what do with your pension, it is crucial that you receive appropriate independent advice to explain what options are available.  Many people are used to doing this for their insurance needs already, so it makes sense to do the same with the form of income that will dictate what sort of lifestyle you have on retirement.

Therefore, the review will focus on understanding the extent to which pensioners can compare the larger range of retirement options available to them since the introduction of the new pension freedoms.  The FCA was quoted as saying: ‘We want to understand whether savers can compare products, shop around, switch providers where they are not receiving what they want and make good, informed, decisions’. 

The watchdog’s remit is to look at the availability of options for people moving towards retirement.

 

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News Wrap – APP Scams Guidance

Phone ScamsThe Treasury Select Committee has called on financial services providers to reimburse individuals who have lost money as a result of authorised push payment (APP) fraud, with MPs telling banks that they must implement adequate fraud measures by March 2020 or face sanctions from the regulators.

For example, UK Finance, a trade association for the banking and financial services industry, reports that during the first half of 2019 close to £616 million was stolen from banking customers during financial transactions on payment cards, remote banking and cheque transactions in the UK, with £207.5 million of this defrauded through APP scams.*

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