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Dudley Building Society > News > The importance of a regulated pension advisor

The importance of a regulated pension advisor

The importance of a regulated pension advisor

18th September 2018

According to a recent YouGov survey, nearly a third of 45-55 year olds say they would not know how to check if they were dealing with a genuine pension advisor or provider.

With the number of cases of pension fraud on the rise, it is essential to check the legitimacy of pension advisors. Last year alone, fraudsters posing as these advisors stole an average of £91,000 each from 253 individuals. As easy as it is to be swayed by free pension reviews and free retirement advice, do you really know who you are giving your sensitive information to?

To minimise the risk, The Financial Conduct Authority (FCA) recommend using its ScamSmart website (https://www.fca.org.uk/scamsmart) before proceeding with any unexpected offers regarding your pension. Even if a cold caller or email seems genuine and professional, you could be putting yourself and your existing pension pot in a vulnerable position. Contact the FCA to check if a firm is authorised. If a pension offer sounds too good to be true, it probably is!

At Dudley Building Society, we work with trusted third party financial advisors, Concept Financial Services, members of the Openwork Network, which is authorised and regulated by the FCA. Concept can help you to make sense of your current pension arrangements, whilst giving you the peace of mind that your pension rests in safe hands.

Call us now on 01384 231414 or email enquiries@dudleybuildingsociety.co.uk to arrange a free no obligation discussion with Concept Financial Services.

Concept Financial Services is a trading name of Delphic Financial Planning Ltd.

Appointed representative of Openwork Limited

which is authorised and regulated by the Financial Conduct Authority