The City regulator has warned that football fans are falling victim to pension scammers and has teamed up with commentator Clive Tyldesley to highlight the £30 million problem.
The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) said that £30.8 million had been lost to pension scammers since 2017, according to complaints data filed with Action Fraud.
The pair said fresh research showed football fans approaching retirement, notably men in their 50s, were being targeted.
Typically scammers are putting pressure on people to transfer their pension with short-term offers to release savings.
The FCA is on a drive to protect pension savings after the London Capital & Finance scandal and claims that British Steel workers were badly advised to move into poor performing personal pensions.
The FCA and TPR have launched ScamSmart the highlight the issue, with Tyldesley, 65, fronting it.
The veteran commentator said: “Scammers are very good at breaking down your defences and putting you under pressure with various deadlines. But your pension isn’t a football transfer – there are no deadlines! Your favourite team wouldn't buy a new striker just because his agent says he's good.
“They’d ask around, check out his stats, do some research – just like you should when handling your pension plans. Before you fall foul to savvy scammers, remember to take your time, seek advice, and speak to an FCA authorised adviser. Don't agree to anything you’re unsure of.”
Tyldesley recently said he was “upset, annoyed, baffled” at ITV’s decision to replace him as the broadcaster’s senior football commentator in favour of Sam Matterface. The FCA has a history of working with high profile figures, notably Hollywood star Arnold Schwarzenegger who fronted its PPI claims campaign in the form of an animatronic head in its ads.
Charles Counsell, chief executive of the TPR, said: “Scammers wreck lives and no matter how big or small your savings are, every pot is a target.
“It may seem tempting to make a change to your pension fund now, but it’s important not to rush. Before making any decision about your pension, take your time, and visit the ScamSmart website to always check who you are dealing with.”
The bodies urged consumers to think carefully and take their time when handling their pension pot, reject unsolicited pension offers made online, on social media and over the phone, check the companies involved on the Financial Services Register and consider seeking independent advice.
