Unfortunately you have a right to be worried, as there are lots of known and unknown scams out there. Scammers can be cunning, articulate and financially knowledgable, with credible websites, testimonials and materials that are hard to distinguish from the real thing. If you are contacted out of the blue, promised high guaranteed returns, free pension reviews or access to your pension before age 55, please take extra caution. Any genuine firm will never pressure you to act quickly. The Financial conduct Authority recommend four simple steps to protect yourself. This mainly applies to pension scams, but can be applied to any type really.
1) Reject unexpected offers
If you’re contacted out of the blue about your pension, chances are it’s high risk or a scam.
Be wary of free pension review offers. A free offer out of the blue from a company you have not dealt with before is probably a scam. Fortunately, research shows that 95% of unexpected pension offers are rejected.
2) Check who you’re dealing with
Check the Financial Services Register https://register.fca.org.uk/s/ to make sure that anyone offering you advice or other financial services is FCA-authorised. Sterling North’s Registered company number is 599275. Click here for more info.
If you don’t use an FCA-authorised firm, you also won’t have access to the Financial Ombudsman Service or the Financial Services Compensation Scheme. So you’re unlikely to get your money back if things go wrong. If the firm is on the FCA Register, you should call the Consumer Helpline on
0800 111 6768 to check the firm is permitted to give pension advice.
Beware of fraudsters pretending to be from a firm authorised by the FCA, as it could be what we call a ‘clone firm’. Use the contact details provided on the FCA Register, not the details they give you.
3) Don’t be rushed or pressured
Take your time to make all the checks you need – even if this means turning down an ‘amazing deal’. Be wary of promised returns that sound too good to be true and don’t be rushed or pressured into making a decision.
4) Get impartial information and advice
MoneyHelper www.moneyhelper.org.uk – Provides free independent and impartial information and guidance.
Pension Wise www.pensionwise.gov.uk – If you’re over 50 and have a defined contribution (DC) pension, Pension Wise offers pre-booked appointments to talk through your retirement options.
Financial advisers – It’s important you make the best decision for your own personal circumstances, so you should seriously consider using the services of a financial adviser. If you do opt for an adviser, be sure to use one that is regulated by the FCA and never take investment advice from
the company that contacted you or an adviser they suggest, as this may be part of the scam.
Contact us directly
Scams and fraudsters might contact you pretending to be someone they are not. If you have any concern about the identity of someone claiming to be from Sterling North then please feel free to put the phone down and contact us directly from a different number if you like to be extra safe. If it is genuinely us contacting you, then we won’t mind in the slightest. It’s better to be safe than sorry
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