ITV Program "How safe is your pension?" An undercover investigation by ITV’s Tonight programme found the companies try to scare victims into ploughing their savings into risky, unregulated investments.

May 5, 2017

Chris' view:

 

To me the key word here is UNREGULATED. I make no apology for capital letters. A few months ago Panorama made a program called Pensions rip off exposed.

 

Firstly, I would like to state that pensions are not a rip off, they are there to provide an income for when you retire. However, that said there are many schemes with promises of huge returns which invest in investments such as a hotel room in the Caribbean which has yet to be built. You cannot visit or use this hotel room. You can invest in many of these unregulated products which give you little or no protection. There was the Harlequin property disaster where many have lost £1000s. Investors were promised returns of over 10% per annum guaranteed. The question you need to ask is, if the bank can only give me 1% currently, then how is it possible to get 10%? That said, I also take a view that many investors have also been driven by an element of greed. That does not detract from the fact that many of these unregulated investments pay huge commissions so there is mass pressure to encourage people to sign up.

 

My final advice, if it sounds to good to be true it probably is. If you deal with a professional regulated Independent Financial Adviser then you have consumer protection. You should always check out the firm you are dealing with and be comfortable with the investment. Good quality advice is important and although there are fully disclosed Financial Adviser fees which you agree to these could have saved you £1000s in the long run. IF you feel you need to take some advice surrounding your pension then please feel free to get in touch on 01473 497611.

 

 

  • Undercover investigation carried out by ITV’s Tonight programme

  • Show exposes high pressure sales techniques used by firm Cherish Premier Wealth in West Midlands

  • Staff told to break industry rules by calling prospective victims multiple times

  • Customers urged to switch out of secure final salary pensions into risky investments 

 


 

  • Call centre staff are told to make 300 cold calls a day;

  • Staff are instructed to break industry rules by calling prospective victims multiple times;

  • Customers are encouraged to switch out of secure final salary pensions into risky investments.

  • Read more: http://www.dailymail.co.uk/news/article-4471682/Pension-holders-hit-Wolf-Wall-Street-scam.html#ixzz4gBkG3XVQ 
    Follow us: @MailOnline on Twitter | DailyMail on Facebook

  •  

     

     

    You can watch the ITV program here

     

    https://www.itv.com/hub/tonight-how-safe-is-your-pension/2a5072

     

     

     

     

     

     

     

     

     

Please reload

4 Rutherford Centre

10 Dunlop Road

Ipswich

IP2 0UG

01473 487611

Please note all calls are recorded for training and monitoring purposes

  • White Facebook Icon
  • White Twitter Icon
  • LinkedIn - White Circle

Langham Associates Ltd Independent Financial Planners is authorised and regulated by the Financial Conduct Authority. FCA Number 587218 https://register.fca.org.uk/

The Financial Conduct Authority does not regulate will writing and taxation and trust advice

The information contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK and does not constitute advice or recommendations.

Langham Associates Ltd: 4 Rutherford Centre, 10 Dunlop Road, Ipswich, IP2 0UG.

Registered in England. Reg No 4203807. Registered Address: 20-21 Aviation Way, Southend on Sea, SS2 6UN.

We are not responsible for the content and accuracy of external websites accessed from this site.

© 2017 by Langham Associates Ltd