Friday, 14 August 2015

Scam Watch

Cold calls encouraging a ‘Review’ of your pensions

The Financial Conduct Authority (FCA) in the UK has urged pension savers to be mindful that unregulated companies are cold-calling consumers to offer high-risk investment advice.

They are also sending emails, text messages and using online advertising. That was the warning in the UK but in Spain they also advertise in newspapers and it is often difficult to distinguish the regulated from the unregulated.

If you let me know, I can tell you if a company is NOT regulated. Just Email 

The aim of the 'review' is to encourage you to move money from an existing personal or occupational pension to a self-invested personal pension (SIPP) or a small self-administered scheme (SSAS).
The money is then typically invested in investments not regulated by the FCA, such as overseas property developments, forestry or storage units known as store pods.

Such investments can be enormously risky and can be difficult to sell and consumers could lose all the money they move, reducing what they have to live on in retirement.

And they also have less protection should anything go wrong and may not be able to complain to the Financial Ombudsman Service (FOS).  Again, also, the FOS does not cover advice in Spain.
The majority of companies offering the reviews are not authorised by the FCA, although some falsely claim they are acting on its behalf. Others claim to be working with the government following the Budget commitment in March to introduce a free advice service for people at retirement.

Financial Pages in Spain ONLY refers readers to regulated advisers. In fact I am more than happy to give you the FCA registration details of anyone I recommend. Feel free to email me to be recommended or I can check out an adviser you have concerns about. Email

You might also wish to read an article in the Telegraph which confirms the warnings given by Financial Pages in Spain

David Goodall
Financial Pages in Spain