25 May 2014

FCA issues warning about 'free pension reviews'

On Wednesday 21st May, the FCA issued a warning to consumers advising them to ignore offers for ‘free pension reviews’. The warning comes as a result of reports that unauthorised companies are falsely contacting consumers claiming to represent the FCA.

The FCA warning states: “We have evidence that people are being contacted unexpectedly and offered a ‘free pension review’. This could be a phone call, an email or text message or an offer in an online advert.

Most of the companies making these offers are not authorised by us, though they often falsely claim they are acting on our behalf.

We are also hearing that some callers claim to represent the Government after its announcement to introduce free retirement guidance. This initiative has not been launched yet. When it is we, and the Government, will provide further information.”

The advice from the FCA is to ignore these offers as they are likely to be coming from unauthorised advisers. The warning also highlights that authorised financial advisers are unlikely to cold call.

If you are planning to review your pension arrangements, the FCA advises you to seek independent advice from an authorised financial adviser. It is also recommended that you should check their Register to check that your financial adviser is authorised to provide pension advice.

You can read the full FCA statement here.

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