Brits urged to seek financial advice to avoid scams

Four in ten (41%) adults experienced a scam attempt in the last year

Isabel Baxter
clock • 1 min read

Adults in the UK have been urged to seek regulated financial advice to help avoid falling for potential scams.

Research from Canada Life revealed that about half (51%) of UK adults have or know someone who has experienced a financial scam attempt in the last 12 months. The figure equates to about 26.8 million adults. Of these, 3.6 million fell victim to a scam, the provider said. The average amount lost to scams was £4,715 per person, or £17bn as a nation. More than two in five victims (43%)  received all their money back, but more than a quarter (26%) did not recover any of their stolen funds. The top three financial scam types are tax or debt collection (32%), advance fee scam (25%), and ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Farmers' groups clash with Treasury over inheritance tax reform

Farmers' groups clash with Treasury over inheritance tax reform

Industry leaders express frustration as Treasury officials reject proposals

Sahar Nazir
clock 19 February 2025 • 2 min read
Inflationary pressures 'far from tamed' as CPI comes in higher than expected at 3%

Inflationary pressures 'far from tamed' as CPI comes in higher than expected at 3%

Highest figure since March 2024

Linus Uhlig
clock 19 February 2025 • 2 min read
Former Titan Wealth employee jailed for harassment and holding confidential data

Former Titan Wealth employee jailed for harassment and holding confidential data

Marian Okunola had been given suspended sentence but now faces prison over court orders breach

Sahar Nazir
clock 18 February 2025 • 3 min read