With an increasing number of scams being used to defraud savers of their money then our team at Absolute Sense feel that it is appropriate to raise awareness of this issue to our clients. We ask that you spend just a few minutes looking over the information and, where appropriate, pass on this information and tips to your friends and family (particularly the elderly and vulnerable).
Being ScamSmart – the facts
Over 3,000 people were caught up in investment scams in 2015/16, with an average loss of £32,000 (Source: Action Fraud – https://www.fca.org.uk/scamsmart). But the actual figure is probably much higher as most scams go unreported.
Affluent retirees aged over 60 are most likely to be victims. And it’s not just inexperienced investors who are falling victim; savvy investors are falling victim to and are the target for more sophisticated scams.
Scammers use a range of tactics to secure the trust of those they intend to scam. They may use flattery and emotional manipulation to get them onside. They then typically push a time limited offer to get people to invest immediately and without consultation. Their ‘unique investment opportunities’ usually offer ‘guaranteed’ returns at ‘little’ or ‘no risk’ to capital (which is usually not the case).
Real Examples of People Affected by Scams
We have included two stories of innocent investors that have been caught up by a scam.
Videos from The Pensions Regulator and the Financial Conduct Authority
We have included below two useful videos prepared by our own Regulatory Bodies that discuss some of the common scams.
NSPCC Child Line received £3,900 from a charity golf day in April organised by Absolute Sense IFA Ltd. The event was held at Girton Golf Club in Cambridge. We would like to thank all players, businesses, clients and friends who contributed to the auction and raffle and helped to make this a very successful event.
The Directors of Absolute Sense Independent Financial Advisers Limited recently acquired the Employee Benefit business of Moffatt Benefit Solutions Limited. The intention is to continue to operate this Company as a wholly independent firm of financial advisers but the takeover will allow the clients of Moffatt Benefit Solutions Limited to benefit from the additional support and network.
We have recently been awarded the prestigious Chartered Financial Planners designation by the Chartered Insurance Institute (CII).
This is the industry’s gold standard for firms of financial planners. It confirms that we have satisfied rigorous qualification criteria by retaining highly-qualified staff who subscribe to the membership conditions of the CII.
It also involves a commitment to continuing professional development and adherence to an industry standard Code of Ethics. You can view the Code at www.cii.co.uk./code.
When you use a Chartered firm you are dealing with proven professionals. The CII is empowered by the Privy Council to award Chartered status, and the award is only made in deserving cases. And while Chartered titles are steeped in history, they remain the benchmark of professional excellence and integrity.
Only the UK’s premier financial planning firms qualify for Chartered status. If you wish to know more about using a Chartered firm can ensure you get he best possible advice, service and support, please do not hesitate to contact us.
With over 100,000 members the CII is the world’s largest professional body dedicated to the insurance, savings and financial services sector.
Absolute Sense IFA Ltd. is pleased to announce that Peter Waggitt has been awarded the coveted status of
Chartered Financial Planner following the same title having been awarded to Paul Waggitt in 2011. This is the highest level of qualification available through the Personal Finance Society and it is intended to highlight professionalism within the Financial Services Industry and is intended to demonstrate a commitment to quality advice and service to clients on an on-going basis.
This latest award establishes Absolute Sense Independent Financial Advisers Limited as part of a very select band of financial advice firms that are entitled to claim ‘Chartered Status’ for the firm.