On average, just 29% of pension fraud reports are sent to the police for investigation. That’s according to a Freedom of Information request by Quilter, a financial advisory and wealth management firm. According to the figures, over the last few years, just 1,173 of almost 4,006 pension fraud reports were sent to local police forces for investigation after being submitted to Action Fraud.
In some years, the number of pension fraud reports sent to the police was as little as 6%. It is unknown how many of the reports that were investigated by the police ended up in a conviction, but this number is expected to be extremely low.
Pension Fraud is a serious crime, and, according to Action Fraud, the average loss to each victim is around £75,000 (although this can run into millions).
It is true that pension scams can be extremely complex to prove. And it is likely that the relevant bodies are prioritising those cases that are most likely to result in a successful criminal justice outcome. But this approach is leaving thousands of victims of pension fraud without justice, and that is simply not good enough.
In a bid to tackle fraud, the government has recently launched its new fraud strategy. This includes, amongst other things, a new National Fraud Squad led by the National Crime Agency and the City of London Police and a £30 million reporting centre. The government has also announced a ban on all financial cold calling.
However, we strongly believe that more needs to be done. And if you have lost money due to negligent or fraudulent investment advice, we can help you get it back.
Helping victims of pension fraud get their money back
At Keller Postman UK, we know that scammers are becoming more and more convincing. Our Investment Fraud & Mis-selling team has seen many intelligent and savvy people fall victim to pension fraud, and we understand the financial and emotional damage this can cause.
A consumer champion law firm with extensive experience in this area, we help victims of investment and pension scams, fraud, negligence, and mis-selling to recover their losses.
Providing a cool head in a crisis, we remove the burden from your shoulders as we fight for justice. What’s more, because we offer no-win, no-fee funding arrangements, you benefit from expert legal support and complete peace of mind without having to worry about costs.
Our solicitors have even won cases where victims had been told that there was little to no chance of compensation.
Contact us in confidence to find out how we can help.