Report: Pension reforms could attract fraudsters
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A report by the Labour party, published in March 2016, has warned that pension reforms that took place last April could result in people facing a “struggle to make their money last” and could also become a “honey pot for fraudsters.”
In September 2015, Neglect Assist, described as “one of the UK’s leading specialists in financial mis-selling” by the Times, warned that the reforms are a “scammer’s charter” after conducting a study of the impact of the savings reforms. Neglect Assist Director Tim Wixted told the Times: “Our research indicates that the proposed reforms, giving many people the freedom not to buy an annuity may well lead to the biggest mis-selling disaster to date.”
The research by Neglect Assist provides a comprehensive and concerning picture of what lies in store when those aged 55 and over are given the flexibility to dip into their pension pots as they see fit. To read the full article in the Times click here:
http://www.thetimes.co.uk/tto/money/article4346624.ece (registration required)
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Some SIPP operators have entered into dealings with third party advisers who are not authorised and regulated by the Financial Conduct Authority to give pension or investment advice. This is despite their regulatory body publishing alerts and giving warnings against such actions.View More