London — As the cost-of-living increases, Virendra Sharma MP and the Financial Conduct Authority (the FCA) has warned people in Ealing Southall to be on guard against the risk of investment scams. On average, victims of pensions scams lose £75,000.

To help warn people about investment and pension fraud and how to spot a potential scam the FCA launched a national campaign called ScamSmart.

ScamSmart provides information on the most common investment and pension scams and loan fee fraud and tips on how people can protect themselves. In addition to the free guidance on ScamSmart, the FCA publishes warnings for consumers about unauthorised firms and has a helpful Warning List tool available so people can check if they suspect a scam.

Virendra Sharma MP is asking people to take the FCA’s advice to protect themselves against possible fraud, including taking the following steps:

1. Reject unsolicited investment offers whether made online, on social media or over the phone. Be wary even if you initiated contact.
2. Always check the FCA Register to make sure you’re dealing with an authorised firm and check the FCA Warning List of firms to avoid.
3. Only use the telephone number and email address on the FCA Register, not the contact details the firm gives you and look out for subtle differences.
4. Consider seeking impartial advice before investing.

“Scams ruin lives, stealing people’s confidence as well as their hard-earned savings. As inflation bites, there is always the temptation to look for higher returns. But it is important as you look at investments that can help provide security for you and your family that you take steps to protect yourselves.” MP  Sharma said.