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Rise in Red Flag Activity Not as Simple as Stats Suggest

However, it is important to note that not all red flag incidents are scams; in many cases, a pension scheme may simply be concerned that a reported incident meets one or more of the red flag criteria laid out in the PSIG Code of Practice and will have reported it to err on the safe side.

Revised Code of Good Practice for 2019

The latest revised Code of Good Practice (Version 2.1 – published 10 June 2019)** highlights ten major changes to the June 2018 version. These include:

  • A ban on cold-calling
  • Details of the FCA’s letter on managing the risks of defined benefit to defined contribution transfers
  • Warnings on the risks and practices of claims management companies

Margaret Snowdon OBE, chair of PSIG, commented, “We’ve been making good progress in our fight against pension scams, with many millions saved from the clutches of scammers through our work.” ***

She added that scammers are cunning and will continue to develop their techniques, hence the reason why the Code of Good Practice must continue to be updated.

Snowden stated that to end the problem of scams and scammers the introduction of new legislation is required, but, until this time, the voluntary code is published to offer guidance and tools for pension providers and help protect scheme members from suspicious activity.

Advice for Pension Members

If you are concerned about potential pension transfer scam activity, you can seek help from one or more of the following organisations:

  • Your pension scheme administrators
  • The ScamSmart website
  • The Money and Pensions Service
  • Citizens Advice Bureau

Expat Retirement Transfer Advice from Blacktower

Blacktower Financial Management specialises in helping our clients protect and grow their wealth while also taking full account of their unique cross-border financial interests.

Our expertise extends to assisting with all aspects of expat retirement transfers and retirement planning to help our clients optimise their savings and investments in line with their long-term financial interests and cashflow needs.

We are fully regulated and licensed, and believe that an expat retirement transfer should only ever be undertaken if it is suitable for the client’s needs and circumstances. For more information, contact your local office today.

 

* https://www.xpsgroup.com/news-and-views/xps-identify-scam-activity-warning-signs-on-73m-of-pension-savings/ Accessed 17/06/19

** https://www.blacktowerfm.com/images/docs/Combating-Pension-Scams-Code-of-Good-Practice-2019.pdf Accessed 20-06-19

*** https://www.ftadviser.com/pensions/2019/06/10/new-pension-scams-code-to-include-warning-on-cmcs/ Accessed 21-06-19

Other News

30 years in business

A Man on a Mission

It all began when some friends and I decided to set up an independent IFA firm back in the mid 80s and consequently Blacktower was born. I honestly didn’t think that 30 years later I would still be here managing the Pan European and International Wealth Management company that Blacktower has evolved into today.

Starting our careers in London with Schroder Financial Management gave all four of the founding directors of Blacktower a great background and insight into the industry as it was back in the early 80s, and we had all enjoyed the success of representing such a great brand as Schroders.

Read More

FCA Publishes Retirement Transfer Data

There are few, if any, financial decisions as important as deciding what to do with your pension. Nowadays there are so many choices, but the factors that influence the path you choose are complex and should only ever be undertaken in full knowledge of the various options available as well as their many implications.

For example, significant numbers of UK citizens abroad are likely to benefit from an expat retirement transfer, but converting a defined benefit (DB) scheme into a QROPS or SIPP should never be undertaken without reliable and impartial advice that takes full account of the retirement saver’s circumstances.

Unfortunately, it can be difficult to find an expat financial adviser who understands all the regulatory and cross-border wealth planning issues at stake.

Read More

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