All Pension scams articles
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NewsHow artificial intelligence can help win the war against pension scams
The Pensions Regulator and the Pension Scams Action Group have developed an artificial intelligence tool to help identify and shut down websites that are attempting to defraud people of their pension savings.
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OpinionKeeping up the fight against pension scams
With the Financial Conduct Authority consulting on changes to transfer rules, the Society of Pension Professionals’ David James looks at how to update the rulebook to better protect members from potential scams.
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OpinionThe future of the Pension Scams Industry Group
After a decade of volunteer-led work on addressing scams in pensions, the Pension Scams Industry Group needs support and engagement in order to continue, writes its deputy chair Tommy Burns.
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NewsPension scams cost victims more than £26m - PMI
A freedom of information (FOI) request has revealed that 1,595 pension scams were reported between 2020 and 2022.
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NewsDelays cause consumers to wait 'far too long' for pension transfers
Consumers are waiting on average almost one month (29 days) for companies to transfer their pension funds to a new provider, according to new data released this morning by retirement adviser My Pension Expert.
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NewsPensions transfer scams on the increase
The number of people being approached unsolicited about transferring their pension increased in the second quarter of the year by five per cent, according to helpandadvice.co.uk.
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News'More work needed' to speed up pension transfer scam protection measures
Over 20 pension schemes, administrators and industry bodies took part in the DWP's 18-month review, which found that only four per cent of transfers were given a red or amber flag.
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OpinionPDP elves deliver a dashboards consultation for Christmas
As we approach the end of 2022, it has been another momentous year for pensions dashboards. It is an initiative that we have been discussing for what seems like an age.
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NewsRegulators tell savers to ‘stay on guard’ over scams
On the go: The Pensions Regulator, the Financial Conduct Authority and the Money and Pensions Service have joined forces to warn savers against scams.
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NewsFCA warns cost of living crisis increases risk of pension scams
On the go: The Financial Conduct Authority has warned that pension holders are increasingly vulnerable to “misdirection” scams as the cost of living crisis increases the number of pension pots being accessed for the first time.
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NewsMaPS unclear on origin for half of amber flag scam warnings
On the go: Nearly half (44 per cent) of scam guidance sessions in the past three months have been triggered despite the Money and Pensions Service not knowing why the amber flag was raised to begin with, according to data obtained via freedom of information act request by Quilter.
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OpinionMembers or fraudsters? Take action now to weather the dashboard storm
The Pensions Regulator has ramped up its call to trustees to take action and prepare for the introduction of the pensions dashboard – recently launching its ‘Deadline’ campaign and guidance to get data ready. The largest schemes are expected to connect from June 2023 with medium-sized schemes set to follow from October 2024.
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NewsScams action group gets six-figure budget to tackle fraud
On the go: The Pension Scams Action Group, a renamed and revamped Project Bloom, is to get a six-figure budget to tackle scams across the next year, with the prospect of more to come.
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NewsWaiting times a problem as demand for Pensions Ombudsman rises
The Pensions Ombudsman has been successful in its application for additional funding, part of which will go towards establishing its new pensions dishonesty unit, and tackling customer waiting times as demand is expected to rise by at least 10 per cent over the next year.
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NewsTPR unveils new scam-busting plan amid cost of living crisis
The increase in the cost of living may leave savers more vulnerable to scammers, the Pensions Regulator has warned, as it unveils a new three-year plan to protect individuals from pension scams.
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NewsPodcast: Ball in TPR’s court as DB funding code consultation launches
Podcast: The consultation into the defined benefit funding code by the Department for Work and Pensions hints at a prescriptive regime to come, but the Pensions Regulator must improve on its “rubbish” code of practice draft, according to Zedra client director Richard Butcher. He and Hymans Robertson partner Laura McLaren discuss the next steps, stronger nudge concerns, and assess the health of pensions post-Maxwell.
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NewsPPF to cover costs of scheme Fraud Compensation Fund claims
The Department for Work and Pensions is consulting on regulatory amendments that would allow the Pension Protection Fund to make interim payments to cover scheme fees and costs during Fraud Compensation Fund claims, and remove a loophole regarding child dependants.
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NewsScam warnings on DB transfers reach all-time high
On the go: The number of scam warnings on defined benefit transfers is at an all-time high, despite a downward trend in transfer activity, XPS Pensions has said.
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NewsPair of ‘advisers’ jailed over £20mn pension fraud
On the go: Two “advisers” who convinced hundreds of pension holders to transfer their pots into self-invested personal pensions, and then unknowingly put them into risky investments as part of a £20mn fraud, have been jailed.
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NewsOmbudsman’s anti-scam unit working on 48 cases
On the go: The Pensions Ombudsman’s new anti-scams unit, launched in November, is currently working on 48 cases with assets of more than £40mn under consideration.