Five UK pension liberation firms shut down in £128m scam
The UK’s Insolvency Service has shut down five so-called pension liberation companies over the past year, after they scammed pensioners out of £128m ($166m, €148m).
Scams
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UK investment scams cost victims £20,000
Victim of investment scams lose an average of £20,000 ($26,780, €24,115), according to UK consumer champion Citizens Advice.
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Investment scams growing rapidly in Australia
The number of investment scams detected in Australia doubled in 2015 and overtook dating and romance scams as the category with the largest financial losses reported by Australians.
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FCA issues 7 scam alerts on unregulated firms in a week
The UK’s Financial Conduct Authority (FCA) has blacklisted a number of firms it believes are providing financial services without authorisation.
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Fraudsters ordered to pay £11m in massive boiler room scam
Fraudsters who conducted one of the largest boiler room fraud schemes ever pursued by a UK authority have been ordered to pay their victims £11m ($15.8m, €13.9m) in compensation, the UK’s Serious Fraud Office (SFO) has revealed.
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FCA sets in motion ‘top priority’ pension scam crackdown
The Financial Conduct Authority is to crack down on pension-related investment scams as one of its main priorities for the coming year.
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Investors lose twice as recovery room scams shut down
A number of investors in the UK have lost out twice after six companies were shut down by the High Court for scamming more than £350,000 ($496,000, €456,000) after promising to help them recover investment losses.
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Hong Kong regulator shuts suspected boiler rooms
Hong Kong’s Securities and Futures Commission (SFC) has frozen a total of HK$600,000 ($77,000, £54,000) in the bank accounts of three suspected boiler rooms.
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Australian regulator cracks down on land bank schemes
Australia’s main financial regulator is seeking to wind up two land banking schemes as part a crackdown on the real estate investment vehicles.
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Majority of QROPS transfer requests are a scam, warns Aegon
Aegon has warned that 80% of the requests it has received for transfers into qualifying recognised overseas pension schemes (QROPS) are designed to swindle savers out of their pension pots.
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PFS calls for crackdown on ‘worrying’ unregulated activity
The Personal Finance Society has demanded stricter controls on non-regulated savings and investments to prevent “scammers” from taking advantage of UK consumers.
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Scam fears grow as pension freedom day nears
Fears that unregulated financial advisers will step up the marketing of unsuitable products following the introduction of UK pension freedoms next week are growing.