Pension Scams and Risky Pension Investments

The Isle of Man Financial Services Authority (‘Authority’) has today published some consumer awareness information in relation to pension scams and risky pension investments. The consumer awareness information has also been produced in the form of printed leaflets which will be available shortly from the Isle of Man Office of Fair Trading, various libraries around the Island and the Manx Citizens Advice Service.

At present, the Authority is only aware of a very small number of suspect cases in the Island, however pension scams are on the rise in the UK. Subsequently, as part of the Authority’s wider programme of consumer awareness initiatives, the Authority has produced the consumer awareness information about pension scams and risky pension investments in order to provide consumers with some key information which may help them to avoid becoming victims of a scam or making poor decisions about how to invest their pension.

The relevant consumer awareness information has been published under section 30(1)(c) of the Financial Services Act 2008 and section 42(1)(c) of the Retirement Benefits Schemes Act 2000.