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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

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

Other News

OECD Forum Speaker Says Retirement Savers Need Empowerment

DiscussionOn 20 May 2019, the Organisation for Economic Co-operation and Development (OECD) Forum 2019 in Paris heard from Aegon CEO Alex Wynaendts during a panel discussion*, in which he said that rising longevity “should be a gift and not a worry”.

However, he noted, preparing for this gift presents a challenge which needs to be addressed not only by the individual but as a joint action with employers and governments as well.

Read More

The value of local advice for South African expats

Manuela RobinsonOver the years, the trend for South African nationals to seek out new lives and experiences in Portugal has continued to grow and grow; I myself made the move back in 1988 as a fresh-faced economics graduate from Witswatersrand University in Johannesburg, and I’ve never looked back. It’s easy to see the appeal for South Africans – the year-round sunshine and vast expanses of Atlantic coastline are a familiar part of daily life, just as they are back home – but the secure location and easy access to the rest of Europe is something really special. Being as there’s over 11,000 KM of distance between the two countries, a mere 12 hrs by plane give or take, there are going to be some big differences in the way of life, even if there are those obvious similarities. It’s probably advisable for any emigrant to arrive armed with a willingness to accept how things are done in their new home country rather than try to carry on as before and hope for the best. This is never more true than when dealing with your finances.

Read More

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