FCA Follows CFPB Model
The Financial Conduct Authority (FCA) released new guidance as part of the agency’s ScamSmart campaign. New pension flexibilities will come into effect in April in the United Kingdom (UK). In anticipation of new venues for “unscrupulous fraudsters,” the FCA offered guidance to pension investors. Specifically, the FCA recommended that consumers reject cold calls, check the FCA’s Warning List and get impartial advice.
ScamSmart was launched last year. The online tool provides consumer advice on fraud, investment and financial literacy. “Our ScamSmart campaign sets out the straightforward steps people can take to protect themselves and number one is if you get cold called about an investment opportunity, hang up. Any decision about your retirement is important, start off on the strongest footing by being ScamSmart,” said FCA Chief Executive Martin Wheatley.
The FCA’s consumer education initiative is strikingly similar to campaigns launched by the United States (US) Consumer Financial Protection Bureau (CFPB), such as the “Know Before You Owe” initiative.
- ScamSmart: http://scamsmart.fca.org.uk
- FCA Press Release:http://www.fca.org.uk/news/firms/as-new-pension-freedoms-arrive-be-scamsmart