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£30M Lost To Pension Scams Since 2017, Watchdogs Say | #coronavirus | #scams | #covid19


Law360, London (August 25, 2020, 6:02 PM BST) — More than £30 million ($39.4 million) has been lost to pension scams in the past three years, regulators said Tuesday, although industry experts warn the number is likely just the “tip of the iceberg.”

The Pensions Regulator and the Financial Conduct Authority said that the numbers reflect only the complaints registered with Action Fraud, the U.K.’s financial crime reporting center.

“Scammers wreck lives and no matter how big or small your savings are, every pot is a target,” Charles Counsell, chief executive of TPR, said Tuesday. “It may seem tempting to make a change to your pension fund now, but it’s…



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