Pension scams

There has been a significant increase in the number of 'red flags' reported on pension transfers in the last 12 months by the XPS Pensions Group, which it said leaves millions of pounds at risk.

The Pension Scams Industry Group (PSIG) has updated its voluntary code of practice to reflect regulatory and legislative changes that have affected the industry over the last year.

Trustees fear their members are not equipped to deal with the risks they face when accessing their pension and worry those nearing retirement will face predatory attention from scammers, research by Wealth at Work reveals.

The Financial Conduct Authority (FCA) has set priorities for the coming year for its joint action with The Pensions Regulator (TPR), including reviewing whether pension schemes are providing sound information to consumers.

Some 52% of red flags raised by schemes on suspected scam pension transfers involve advisers or unregulated introducers, a report by the Pension Scams Industry Group (PSIG) has claimed.

The Financial Conduct Authority (FCA) has warned the public to be vigilant of investment scams as Action Fraud reveals more than £197m was lost to scams in 2018.

The sector is responding to changes including the GMP equalisation ruling, data protection and increasing demand for administration services. Holly Roach looks at what this year has in store.

Pension cold-callers will face tougher sanctions from today as a long-awaited ban poses fines of up to £500,000 for "callous crooks" attempting to scam savers.

The 'ScamSmart' campaign is gaining traction, with a five-fold increase in visits to the official website and thousands of savers a day warned about unauthorised firms operating in the area.

Two men who put pension savers' money into "exotic, high risk and suspected scam investments" have been banned from being trustees by The Pensions Regulator (TPR).