Kent Financial Adviser Issues Warning as Pension Scam Losses Hit £30 Million

Louise Fitzgerald, a Kent-based independent financial adviser is urging residents to be on high alert for pension scams, following reports that UK pensioners lost over £30 million to fraudsters in 2023 alone. With scammers becoming more sophisticated, she’s raising awareness and offering practical tips to help locals protect their retirement savings.

Rising cases and false promises

Pension scams often begin with an unsolicited call, email or message, offering exclusive investment opportunities or early access to pension funds. The fraudsters promise high returns or cash lump sums, pressuring people to act fast before they have time to think - or seek advice.

In reality, these investments are often unregulated, overseas, or entirely fake. Once the money is transferred, it’s usually gone for good.

A devastating local case

Sarah, a 62-year-old administrator from Camberwell, lost her entire £150,000 pension after being persuaded to invest in an overseas property scheme. Promised 20% annual returns and a secure, low-risk investment, she transferred her funds - only to find the company disappeared within months.

“I felt foolish and heartbroken,” she said. “I’d worked hard for over 30 years, and suddenly it was all gone. I don’t want anyone else to go through what I did.”

Spot the red flags

If you’re approached about your pension, ask yourself:

• Did they contact me out of the blue?

• Are they offering guaranteed high returns?

• Are they rushing me to make a quick decision?

• Can I verify their credentials with the Financial Conduct Authority (FCA)?

If you’re unsure, don’t act alone - seek help from a regulated adviser before making any decisions.

What to do if you’re targeted

Anyone who suspects a pension scam should:

• Report it to the FCA and use the ScamSmart tool

• Contact Action Fraud

• If you’ve started a transfer, call your provider immediately

• Speak to The Pensions Advisory Service for guidance

Protect your pension - seek trusted advice

Scammers are targeting people of all ages and financial backgrounds - not just the wealthy or retired. The best defence is vigilance and proper advice.

“Always remember, if it sounds too good to be true, it probably is.” says Louise, an independent financial adviser based in Kent. “Before making any major pension decisions, speak to someone regulated who has your best interests at heart.”

What’s next?

To support the local community, Sterling & Law Tunbridge Wells is offering free check-ins this summer. These no-obligation sessions are designed to help residents understand their options and spot any potential risks.

Contact Details

Name: Louise Fitzgerald
Business Name: Sterling & Law Tunbridge Wells
Email: [email protected]
Phone: 07891 039 256
Website: www.sterlingandlaw.com/locations/financial-advice-tunbridge-wells
Instagram/Facebook (optional): www.instagram.com/louise.fitzgerald_ifa

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