Adviser working at computer - represents occupational pension transfer consultation.

The Herald has published a timely article warning of investment scammers and outlining the following warning signs:

  1. Being contacted out of the blue
  2. Promises of low-risk or guaranteed above average market returns
  3. Special deals just for you
  4. Time pressured deals where there may be a bonus or discount on offer for investing before a set date or only a short window of availability
  5. Attempting to build a friendship lulling targets into a false sense of security.

Mark Steward, the Financial Conduct Authority’s (FCA) executive director of enforcement and market oversight, said: “Investment scams are becoming more and more sophisticated and fraudsters are using fake credentials to make themselves look legitimate.” Their claims will frequently be backed up by convincing literature and websites, fake reviews and promises that they are fully regulated and experienced.

Mr Stewart warned, “Always check the FCA’s register to make sure you’re dealing with an authorised firm, and use the contact details on our register, not the details the firm gives you, to avoid clones.”

“Also check the FCA list of firms to avoid. Remember, if in any doubt – don’t invest.”

Read The Herald article in full here heraldscotland.com/business/how-to-protect-your-cash-from-financial-scammers/