UnaVida | Beware Investment Scams – Average Loss £32k

Beware Investment Scams – Average Loss £32k

Beware Investment Scams – average loss £32,000.

As an Independent Financial Adviser, I have a vested interest in contributing to the wider effort of helping protect consumers from pension and investment scams.

A low interest rate environment, coupled with far reaching pension reforms, have left consumers vulnerable to a raft of ‘too good to be true’ pension and investment scams. Thousands of pounds are being lost every week to crooks peddling “special deals” to the public, there is an old adage, if it sounds too good to be true, it almost certainly is.

We are also being asked to help raise awareness of scams amongst our clients and professional contacts.

Recently during a broadcasted interview at Radio Berkshire I raised scams as a major concern, unwary individuals have lost thousands and thousands of pounds to scammers.

In the UK every year a total of £1.2 Billion is lost to scammers, surprisingly experienced investors age 50 plus are often targeted.

1 in 8 investors carry our little or NO research before investing.

Only 27% seek advice.

Average loss from a scam is £32,000.

What to watch out for:-

  • Unsolicited phone calls – hardly a day goes past without receiving telephone call from someone offering to ‘unlock’ a pension or carry out a ‘free pension review’. Most of these calls are from organisations that are not authorised. If you receive such a call, try to get the following information:
  • Company Name and Address
  • Website Address
  • FCA Authorisation Number
  • Try to get them to send you literature in the post (or by email)

If you get such information and are still suspicious then report it to your IFA or the FCA.

Texts and emails – Similarly, many of those that are scammed respond to unsolicited text messages or emails promising ‘too-good-to-be-true’ investment opportunities.

Press adverts – many victims of scams are lured by the promise of high returns or unmissable investment opportunities, sometimes through advertisements in national and local press.

If you are told “Don’t mention this too anyone else” OR “there is a deadline to get your money invested, so you qualify for this very high return”, you can almost guarantee that it is a scam.


Don’t be afraid to report it no matter how trivial it seems.

GET ADVICE, PREFERABLY FROM AN IFA – WATCH THIS VIDEO: http://scamsmart.fca.org.uk/case-studies/scamsmart-press-release-video

Registered in England and Wales. Registered Number 5553273.
Registered Address: 8f Millars Brook, Molly Millars Lane, Wokingham, Berkshire, RG41 2AD.

A pension is a long-term investment that typically cannot be accessed until age 55 (57 from April 2028). The level of pension benefits offered could change depending on the value of your investments (and any income they may generate).

The interest rates in effect at the time you begin receiving benefits may also have an impact on your pension income. The tax consequences of pension withdrawals will depend on your unique situation. In later Finance Acts, tax rates, tax bases, and tax relief may change.

The opinions expressed by Ray Best are meant to inform and educate. Before making any investment decisions always take advice that is pertinent to your investment personality and financial situation.

You are aware that past performance will not necessarily be repeated in the future, but you should be aware that persistent poor performance invariably will.

The value of an investment and the income from it could go down as well as up.

The return at the end of the investment period is not guaranteed and you may get back less than you originally invested.

UnaVida Wealth Management Ltd. is directly authorised and regulated by the Financial Conduct Authority (440577).

The guidance in this website is primarily aimed at a UK audience and is subject to regulation by the Financial Conduct Authority (FCA).

The Financial Conduct Authority does not regulate tax planning, estate planning, or wills and any form of legal documentation.