30th November 2022
10 Tips To Help Identify And Avoid Financial Scams 6-10
Today we will look at the final 5 of ten tips to help identify and avoid financial scams.
- Contact from an individual not listed on the Financial Conduct Authority (FCA) Register. The Register is a public record of all the regulated enterprises and persons in the financial services sector, such as pension providers and investment firms. https://register.fca.org.uk/
- Be very wary of any advice to withdraw a big sum of money or your entire pension pot in one lump payment and invest it elsewhere, such as in overseas real estate, forests, vehicle parking, or storage units. Additionally, be extremely sceptical of unsolicited offers of “great investment returns.”
- Seek assistance from your professional financial adviser, who will be able to explain the rules and tax implications of various possibilities and help you make the best decisions for your unique circumstances; if this is discouraged, you should be very suspicious.
- There may be considerable tax ramifications if you opt to cash out your pension all at once; thus, you should examine your tax situation before making any decisions.
- Check www.fca.org.uk/scamsmart for a list of recognised scams and utilise the available tools to spot a possible scam.
Please contact us for more information on how we can help protect your future financial well-being and the options available to you.
Source data:  Source: Research among 2,000 UK adults conducted by Opinium, with fieldwork between 12–16 August 2022.