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Police step up fight against pension liberation with raid and arrests
by Brian Cantwell on May 09, 2013 at 17:06
City of London Police has stepped up its fight against pension liberation firms with a dawn raid on a central London call centre and a series of arrests.
On 8 May detectives from the national lead force for fraud raided the office arresting three men and seizing computers and documents while police also made arrests in Ayr, Glasgow and Cheshire.
The office was suspected to have been used by a criminal gang believed to be cold calling and text messaging pension holders across the UK with fraudulent pension liberation offers.
The operation was the first major police investigation against suspected pension liberation fraud and is part of a wider cross government multi-agency operation against pension liberation activity.
The taskforce set up to address pension liberation activity involves The Pensions Regulator, the Financial Conduct Authority, the Department for Work and Pensions, HM Revenue & Customs, the Serious and Organised Crime Agency, Serious Fraud Office, National Fraud Authority, City of London Police and the Information Commissioner’s Office.
Commander Steve Head, from the City of London Police, said: ‘Pension liberation fraud is the new boiler room fraud phenomenon as fraudsters seek to exploit new opportunities thrown up by the changing economic climate.
‘The promise of maximising returns on your pension savings may seem to make good financial sense but the reality is you could be falling into a terrible trap which has the potential to destroy your retirement.
‘People should think long and hard before releasing pension funds early and anyone who is cold-called or text messaged with this or any other type of investment opportunity should put the phone down and not reply to the message.’
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