Don't rush financial decisions, urge regulators

08 Apr 2020

Savers and investors must stay calm and refuse to be rushed into financial decisions during the coronavirus (COVID-19) pandemic, according to regulators.

The Financial Conduct Authority (FCA) and the Pensions Regulator (TPR), with the support of the Money and Pensions Service (MaPS), are highlighting the danger of scams during the crisis.

The coronavirus outbreak has impacted on all kinds of businesses, including those listed on the stock market. Scammers are exploiting fears over the impact of the pandemic on markets and personal finances.

The regulators are warning savers to be alert to scams and to avoid making hasty decisions, which could damage their long-term financial interests. They are urging savers to visit the Pensions Advisory Service website to access free pensions guidance before making any decisions about their retirement savings.

The regulators also recommend visiting the ScamSmart website to learn about protection from pensions scams.

Commenting on the issue, Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA, said: 'Fraudsters will exploit the coronavirus to prey on anxiety and fear of savers and investors, especially those who may be vulnerable. That's why we're urging anyone who is thinking about transferring their pension to check who they are dealing with and only use firms authorised by the FCA.

'Reject all unexpected and unsolicited offers; get to know the warning signs of scams, like high rates of return which sound too good to be true, so-called special offers or pressure to make a quick decision, and check our tips and advice on our ScamSmart website.'

Home | Contact us | Accessibility | Disclaimer | GDPR (including Standard Terms of Business) | Help | Site map |

© 2020 BPU Accountants. All rights reserved.

We use cookies on this website, you can find more information about cookies here.


BPU Chartered Accountants is the trading name of BPU Ltd Company number 3723948 registered in Wales. Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.

BPU Financial Solutions Ltd is an Appointed Representative of ValidPath Limited which is authorised and regulated by the Financial Conduct Authority. ValidPath Limited is entered on the Financial Services register (www.fca.org.uk/register) under reference 197107.

BPU Accountants, Radnor House, Greenwood Close, Cardiff Gate Business Park, Cardiff CF23 8AA
BPU Accountants, The Counting House, Pound Field, Llantwit Major, Vale of Glamorgan CF61 1DL