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.'