PSIG

The Transparency Task Force (TTF) has published an open letter to prime minister Boris Johnson asking him to take a personal interest in pension scam problems and push for legislative flexibilities for scam victims.

If authorities really want to stop scams, they ought to make it safe for trustees to refuse a transfer that shows red flags, says Margaret Snowdon

Trustees need to be given the choice to directly refuse pension transfers if the industry is to properly plug the proliferation of scams, the Work and Pensions Committee (WPC) has been told.

The Pension Scams Industry Group (PSIG) has today (10 June) called on the Financial Conduct Authority (FCA) to consider further interventions to protect pension scheme members from scams.

The industry needs more powers to protect savers by stopping scams in their tracks, but a network to share intel can help, says Margaret Snowdon.

With the law not adequately protecting savers from scams, the pensions industry must be more direct with members about the risks of transfers, says Margaret Snowdon.

More than 8,000 investment fraud reports have been made so far this year, more than double the amount in the same period last year, a Freedom of Information request has revealed.

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.

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 government has confirmed the long-awaited ban on pensions cold-calling will now be delayed until Autumn.