Consumers are being warned of the risks of dodgy investment scams ahead of Aprils forthcoming pension freedoms.
As part of its "ScamSmart" campaign, the Financial Conduct Authority (FCA) said the freedoms, which will allow savers to access their pension pots, could be implemented at the "very moment that unscrupulous fraudsters will offer investments with high returns".
Martin Wheatley, chief executive at the FCA, said: "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."
As well as rejecting cold calls, the regulator advises people to check the list of companies on its "warning list" and get impartial advice.
Wheatley added: "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 be alert to the dangers of scammers offering opportunities that are too good to be true."
The FCA also urged savers to seek impartial advice from a financial adviser unconnected to any firm that has contacted consumers.
"Professional advice is not free. However, financial advisers should provide you with a professional assessment of the risks and potential benefits of the investment. They will let you know if they have concerns that the investment is riskier than you were told, or simply unlikely to work out as promised," said the FCA.
The ScamSmart campaign was first launched in October 2014.
The FCA this week launched the next wave of the campaign with an updated list of companies that consumers should be aware of listed on the ScamSmart website.