Our financial services consultant Michael Cotter has been speaking to The Times and The Sun newspaper about pension scams
Published by Setfords Solicitors on 15th August 2019 -
With the value of pension transfers increasing significantly over the past 5 years from £5.4 billion in 2014 to £33 billion last year, it has become an area ripe for fraudsters to exploit.
In what has been labelled as the next big financial scandal scammers have been setting up complex deals, often abroad, that are designed to ‘liberate’ cash for the individual investing into these so-called pension schemes which have so far cost investors an estimated £4 billion a year.
Our consultant Michael Cotter who is a Financial Services & Litigation lawyer has been speaking to The Times and The Sun newspaper about acting for clients of one such scheme which tricked more than 100 investors out of £9 million in savings in a “truffle farm” pension scam which ended up going into insolvency last year. Despite no harvesting or cultivation of truffles ever taking place, much of the £9 million put into the scheme was left unaccounted for.
Michael said “Pension liberation schemes have targeted the most vulnerable in society for many years, HMRC are slow to recognise the investor as a victim and this could cause increasing and on-going damage beyond the lifecycle of the investment/liberation.
The key when handling cases of this kind is to be competent and able to attack the advice provided and deconstruct the scheme entered into for the benefit of the investor.”