This briefing paper provides information on how to spot pension scams and aims to answer some of the frequently asked questions on which constituents ask for help with from their MPs. It does not provide legal or financial advice.
Where can I get pensions advice?
You can check the Financial Conduct Authority (FCA) register of regulated and approved advisers here. If you use an adviser that is not approved by the FCA, you will not have access to the Financial Ombudsman Service (FOS) or Financial Services Compensation Scheme (FSCS) if things go wrong .Further, the FCA lists several public bodies that can help consumers with pensions questions:
- Pension Wise and the Pensions Advisory Service merged to become part of the Money and Pensions Service under the Financial Guidance and Claims Act 2018. The process of developing an integrated service is ongoing. Currently, the two services still have separate websites and different functions:
- The Money Advice Service provides free and impartial money advice
- The Financial Ombudsman Service can look into problems involving most types of money matters – from payday loans to pensions, pet insurance to PPI. If they decide someone’s been treated unfairly, they have legal powers to put things right.