Fraud worth £820m was stopped in the first half of 2019, up 14% on the previous year, according to the latest figures from UK Finance.

Scammers are targeting CISI members by claiming they can receive sponsorship.

The PFS has called for a “wider united campaign to protect the public from the scourge of scammers.”

MPs on the influential Work and Pensions Committee have urged the FCA and government to do much more to tackle pension scams and improve cost transparency on pensions.