It is not often that I read the Financial Times, nor do I expect the pink pages to express concerns about older people, but the 20th August edition had two headlines that attracted my interest:-
“Square Mile fears reputation damage as fraudsters use prestigious addresses”
This was a front page headline about the increasing number of scams aimed at conning, mainly older people, into fake investment schemes in things like diamonds, wine and overseas land. They use City of London addresses to give credibility to their enticements. Rich returns are promised to unwary investors.
Pensioners seeking to make better returns on their pension pots were estimated to have lost at least £1.7 billion in 2014.
Of course there would not be so much pressure to take such risks with their money if there were better returns on savings. Also how much of a reputation for trust does the city still have with pensioners after the banking scandals, mis-selling huge bonus payments and excessive salaries in the financial sector in recent years?
The irony of this situation is lost on the sharp suited millionaires driving around in their flash cars. Hidden behind the mirror glass offices of the City of London. Robbers no longer wear balaclavas and carry swag bags over their shoulders. Now they are often indistinguishable from the city businessmen.
Continued in next post………………….