XPS Pensions Group has uncovered a surge in the number of ‘red flags’ being reported on pension transfers, indicating warning signs of scam activity, from 13% in June 2018 to 34% in June 2019.

The FCA and Action Fraud have warned the public over scams carried out via bogus online trading platforms, as it was revealed £27m had been fleeced from investors.

A group of fraudsters were jailed for a combined 17 years and nine months today for their part in an elaborate wine investment scam which conned nearly £1m out of investors, many of which were elderly and vulnerable.

Organised crime groups led by married couples or families are running pension scams worth millions of pounds, according to The Pensions Regulator.