The UK's financial regulator is pointing out signs of investment fraud before pensioners take to their freed-up pots next month.

The UK's Financial Conduct Authority is driving a campaign to help people protect themselves against fraudsters expected to emerge with next month's pension reforms. (To see a detailed analysis of those reforms and their implications for wealth management, click here.)

In anticipation of greater pension flexibilities coming into force in April, the watchdog is urging consumers to be on the lookout for dodgy scammers and has laid out warning signs in its SmartScam campaign.

The FCA has flagged cold calls as a key danger associated with “unscrupulous fraudsters” promising high returns as they look to capitalise on the spurt in demand for retirement planning advice.

“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,” the FCA's chief executive, Martin Wheatley, said in a statement.

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