MP Urges Constituents to be Scam Smart

Alyn and Deeside MP Mark Tami has teamed up with the Financial Conduct Authority to warn constituents to be on their guard against investment scams.

The FCA says that on average, victims of pension scams lose a staggering £75,000.  To help warn people about investment and pension fraud and how to spot a potential scam they have launched a national campaign called ScamSmart. 

ScamSmart provides information on the most common investment and pension scams and loan fee fraud and tips on how people can protect themselves. In addition to the free guidance on ScamSmart, the FCA publishes warnings for consumers about unauthorised firms and has a helpful warning list tool available so people can check if they suspect a scam.

Mark Tami is asking people to take the FCA’s advice to protect themselves against possible fraud. They can do this by firstly rejecting unsolicited investment offers whether made online, on social media or over the phone. Secondly they should always check the FCA Register to make sure they’re dealing with an authorised firm and check the FCA warning list of firms to avoid.

Thirdly they should only use the telephone number and email address on the FCA Register, not the contact details the firm gives out, and to look out for subtle differences. Finally, people should consider seeking impartial advice before investing.

“Of course, with the steep rise in the cost of living, many will not be able to make investments. But for those who are looking to invest for their retirement or their families’ future, I would urge caution.

“Scams ruin lives, stealing people’s confidence as well as their hard-earned savings. As inflation bites, there is always the temptation to look for higher returns. But it is important as you look at investments that can help provide security for you and your family that you take steps to protect yourselves.”

Pictured - Mark Tami at the FCA’s ScamSmart event at Westminster on Wednesday, 7th September.