Robert Palmer, Partner, gives his thoughts following the news that the Government will be cracking down on scammers by including emails and text messages in its impending cold-calling ban…
Robert said: Pension scams are generally unregulated investments offering ‘guaranteed returns’ that are too good to be true, there’s a clue there. The returns quoted are such that individuals will easily make up the amount disinvested today and so will be “no worse off”.
The investment opportunities include exotic sounding investments like hotels, vineyards or other overseas ventures. The truth is that these schemes tend to attract very high management fees and often end in bankruptcy, with assets sold on to new owners. This leaves the investor with little or nothing of their original stake.
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