The Financial Conduct Authority has warned clients of failed SIPP firm Hartley Pensions to be wary of scams or fraudsters as administrators of the collapsed provider begin to send out information about the transfer out process.

A fraudster who targeted a pension company and banks has been jailed for three years for making £178,000-worth of fake applications to get pension facilities and loans.

The FCA has instigated fraud proceedings against three people - Kristofer McGuire, Keith Williamson and Karla Walker - for their alleged involvement in an £8m high-risk trading scheme targeting pension savers. 

New data from the government-backed Money and Pensions Service (MAPS) has revealed that consumers have reported losing £13.6m to financial scammers over the past year, an average of over £16,000 each.