The Pension Scams Industry Group (PSIG), the voluntary body set up to support trustees, providers and administrators in combating pension scams, has appointed Tommy Burns as deputy chair.

More than 400,000 Scots have fallen victim to a financial scam at some point in their lives, new research by Bank of Scotland and YouGov has revealed.

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.