The massive changes to the pension system that will allow people to access their pension pot come into force next month, and the Financial Conduct Authority (FCA) is urging people to be ‘ScamSmart’.

The FCA are warning people to be on their guard and to keep a wary look out for dodgy investment scams.

The FCA’s ScamSmart campaign highlights the warning signs consumers need to be aware of from scammers who want to trick people into investing their pension pots.

The FCA wants would-be investors to:

• Reject cold calls – investment scammers will often cold call
• Check the FCA Warning List
• Get impartial advice

Martin Wheatley, the chief executive of the FCA said: “The new pension flexibilities will offer people the freedom to make choices that suit their plans for retirement. But this is exactly the time when people need to alert to the dangers of scammers offering opportunities that are too good to be true.

“Our ScamSmart campaign sets out the straightforward steps people can take to protect themselves and number one is if you get cold called about an investment opportunity, hang up.

“Any decision about your retirement is important, start off on the strongest footing by being ScamSmart.”

To find out more about the FCA go to http://fca.org.uk/about