By Dawood Fakhir (July 20, 2022, 5:25 PM BST) — The number of fraud warnings in pension transfers hit record levels in June when an index flagged 97% of all cases as potential scams, while transfer values and numbers continued to decline, according to a pensions consultancy.
XPS Pensions Group said Tuesday its scam flag index showed that 97% of all the pension transfers carried out in June were potentially linked to at least one scam, compared with 83% in May.
XPS blamed the rise in scam warnings on the new regulations, which raise an amber flag for overseas investments. The overseas investment warnings were recorded in 85% of the cases,…
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