The FCA has launched the next wave of its ScamSmart campaign, with just a fortnight to go before the retirement rules change.
The regulator has emphasised the warning signs consumers need to be aware of from fraudsters who want to trick people into investing their hard earned cash.
It follows similar messages from The Pensions Advisory Service and Pensions Minister Steve Webb last week.
Martin Wheatley, chief executive of the FCA, said: "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 alert to the dangers of scammers offering opportunities that are too good to be true.
"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."
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TPAS, which is providing the Pension Wise telephone service, has joined forces with The Pensions Regulator as it beefs up its Scorpion campaign to protect savers by urging them to 'scam proof their savings'.
The Pensions Regulator's chief executive Lesley Titcomb said: "The people behind pension scams are often agile, sophisticated and organised. Whatever the law is, they will seek to exploit it – so we expect the scams we see to continue to evolve in light of the new flexibilities available.
"Scammers will try to flatter, tempt and pressure people into transferring pension funds into an investment with guaranteed returns, most of which will be bogus."
The FCA's main advice it is giving to the public and would-be investors is to:
• Reject cold calls – investment scammers will often cold call
• Check the FCA Warning List
• Get impartial advice