Third of Over 75s Investment Scam Targets

Third of Over 75s Investment Scam Targets.

The Financial Conduct Authority has today released figures in an small sample survey that found:

In the last three years, huge numbers of people thought they had been the target of investment scammers:

• 22% of over 55s thought they had been targeted
• 32% of over 75s thought they had been targeted

In addition, the FCA found that whilst people take time to research other projects such as holidays, large item spends on cars or home improvements and building works, taking professional advice where needed,

• 14% of over 55s did not take advice or consult with others when making investment decisions, they made decisions themselves
• 26% of over 55s did not take advice or consult with others when making investment decisions, they made decisions themselves

Overall just 38% did some form of investigation before investing, usually looking at a website, and only 27% sought professional investment advice.

Comment

Financial fraudsters are getting more sophisticated by the day.  A website may look good, but that does not mean it is not a fake one.  A nice voice on the end of a telephone may sound professional, but a sharp suited, silver tongued caller does not make a legitimate, honest financial planner.

Our fraudster guidance:

• If is it is a “cold call” – put the telephone down
• Ask for their Financial Conduct Authority (FCA) number
• Check the FCA register (a register of all legitimate financial firms), make sure all details match.
• Double check addresses, numbers etc.
• Pay a fee to a regulated, independent financial adviser, don’t take cold calls, find an adviser yourself.

If you pay more money to service your car than you have to review an investment then who is the fool?  Cars break down without being serviced …..  so do our pensions and investments.