Money Advice Service warning on new cold call scams

The Money Advice Service is warning that a new wave of fraudulent cold callers are claiming to be ringing on its behalf following changes to pension regulations in the Budget earlier this year.

Alternatively claiming to be "from the Government", these unregulated firms are targeting the pension pots of people who may be in need of cash but cannot afford to borrow. 

The fraudulent claim to be “Government approved” or “Government-sponsored” is not new, of course – anyone who has ever picked up the phone to someone trying to sell them insulation or a new boiler will be aware of that scam.

And online  searches for financial advice will throw up advertisements for websites with names which brazenly mimic Government departments, charities and reputable organisations.

However, these new scams, which claim to offer of a pension review  following the Budget changes to drawdown rules, are particularly worrying the Money Advice Service because potentially they could lead to someone being defrauded of large amounts of their pension funds.

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