Beware of financial scams and best practice communication during these challenging times

Covid-19 has made life challenging enough in terms of our day to day habits without having to worry about your investments. We know that there has been an increase in financial scams and only this week the Pensions Regulator, the Financial Conduct Authority and the Money and Pensions Service issued a joint statement urging people not to make rash pension decisions in the wake of the global pandemic.

The City of London Police already reported a 400 per cent increase in Covid-19 related fraud from mid-February to the end of March. These scams are typically investment led or to do with early access pensions offers.

The Financial Conduct Authority has issued some useful guidelines on how to avoid both investment and pension scams.

How to avoid investment scams:

• Reject unexpected offers
• Spot the warning signs
  • Unexpected contact
  • Time pressure
  • Social Proof
  • Unrealistic returns
  • False Authority
  • Flattery
• Check if the firm is FCA-authorised
• Check its not a ‘clone firm’
• Check the FCA Warning List
• Get impartial advice

Similarly, for pension scams:

• Reject unexpected offers
• Check who you are dealing with
• Don’t be rushed or pressured
• Get impartial advice

In both above cases, if you suspect a scam you should report it. For more detailed information about the above go to https://www.fca.org.uk/scamsmart.

We all need to be vigilant now and, in the future, when it comes to our finances. RobMac would like to advise on our best practice so that you have the confidence to know that it is your financial adviser that you are communicating with. This is particularly relevant as most people are working remotely away from the office.

1. All communication from RobMac will be made from the usual office number or the following mobile numbers:

Andrew 07957 872215

Jeff 07764 940253

Lisa 07778 360556

Alison 07836 559962

2. Email instructions will only be accepted from existing client email addresses. We will confirm these.
3. Disinvestments will be paid to existing bank accounts.
4. We will only ever ask for cheques to be made out to your existing pension/investment provider or the provider recommended in your suitability letter.

We hope to still hear from you and when we contact you that you are reassured that you are dealing with RobMac.