Market updates, Covid-19 response and Scam awareness
We understand that you’re facing many challenges right now, including how best to support your clients, keeping them vigilant and aware of the latest scams, and also changes to the way you work. Below you’ll find guidance and information to help you navigate the uncertainties.
Scammers are taking advantage of the Covid-19 situation
We’re sure you’re already making your clients aware to be on the lookout for the classic signs but we’ve recently seen an increase in the number of financial scams - including those involving phishing emails, cold calls and fake product documentation.
We know that some individuals have been targeted by an investment scam which references the M&G and Prudential brands. The scam offers attractive fixed returns, above market realities, on money invested in fixed rate or fixed return products, specifically Fixed Rate Savers and Fixed Rate Deposit Bond, but please be aware there may be others in use.
Please remind your clients to remain vigilant now more than ever, and remind them of the signs to look out for:
- Calls, texts, or emails from businesses and individuals offering great deals - such as free pension review, investment opportunities with ‘guaranteed returns’
- High pressure sales tactics from businesses or individual pushing a deal or to sign anything
- 'Good cause’ scams where scammers want people to invest in items such as face masks and hand sanitiser and promise lucrative returns
- Any requests for upfront fees.
Scammers are very sophisticated - even the most well-informed people are at risk. So, you might find the FCA ScamSmart website helpful. It offers lots of useful information and support to your clients, on how to avoid investment and pension scams.
And we’ve put together this Covid-19 Scam Alert email template to help you reach out to clients about this. There's also more information for your clients, on how to protect themselves from investment scams, on pru.co.uk.