Thinktank calls for central scams database and victim support
Pardon the Interruption
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The Pensions Regulator and the Pensions Scams Industry Group have welcomed a pension fraud report by thinktank the Police Foundation.
The report, ‘Pensions: Understanding and preventing scams’, was published on Monday, the day that an All-Party Parliamentary Group on pension scams is due to have its inaugural meeting, to address the issue and give victims a voice.
The issue has also been taken up by the Work and Pensions Committee in an inquiry, which is open for responses until 9 September.
The report, ‘Pensions: Understanding and preventing scams’, was published on Monday, the day that an All-Party Parliamentary Group on pension scams is due to have its inaugural meeting, to address the issue and give victims a voice.
The issue has also been taken up by the Work and Pensions Committee in an inquiry, which is open for responses until 9 September.
Margaret Snowdon OBE, who chairs PSIG, said about the new report: “When the Police Foundation approached us ahead of this project we were very happy to work in partnership with them to develop the industry survey and to inform the findings of the report."
Snowdon added: “The recommendations of the report also include key changes which we have called for some time. Including:
- Required compliance with best practice due diligence (which PSIG has outlined in our Code of Good Practice).
- Improved pension scam reporting and that this should be mandated.
- A central intelligence database and for knowledge to be better shared both within the industry and with Bloom partner agencies.
- Better support for victims and, in particular, for the relaxation of HMRC’s approach to unauthorised payment tax charges. All victims are currently treated as willing participants in the scam and this is entirely unfair and must be addressed."
PSIG has proposed a change to the pension schemes bill currently in parliament, which would give trustees the ability to refuse a transfer showing signs of a scam and is due to be tabled in the Commons soon, according to Snowdon.
TPR and its Project Bloom partners will continue to bring scammers to justice, said a spokesperson for the regulator.
The spokesperson added: "But we also know education is one of our best weapons in that battle. Anyone can be a target, which is why it’s vital all savers should be ScamSmart, know the common signs of a scam and always check who they are dealing with."
