FCA research reveals more than a fifth (22%) of those contacted by a suspected fraudulent investment firm stay silent
Almost half (49%) said they didn’t know who to report investment scams to
Brits more likely to report fly-tipping (81%) than investment scams (63%)
Government must play its part by bringing forward clampdown on pension fraudsters
Tom Selby, senior analyst at AJ Bell, comments:
“Whistleblowing is absolutely critical in tackling and shutting down suspected scams, and it’s important savers are aware that by reporting dodgy schemes they could make a difference. Savers can report suspicious activity to a variety of organisations, including the police and the FCA, and by doing so they play a real role in fighting the scourge of investment fraud.
“But the Government now needs to step up and keep its end of the bargain by actually introducing previously announced measures to clampdown on pension fraudsters, including a ban on cold-calling. It now seems increasingly likely that the pension freedoms will reach their three year anniversary in April next year without these vital protections being in place.
“The current commitment to introduce these vital measures ‘as soon as Parliamentary time allows’ simply isn’t good enough and at the very least we need a clear timetable for implementation.”