Efforts To Fight Pensions Scams Hit By Lack Of Data
Law360, London (May 20, 2020, 5:18 PM BST) -- It is not known how many pension scams take place in the U.K. and how much money is lost as a result because there is no common approach to collecting data, a think tank for the retirement industry said.
The Pensions Policy Institute said on Tuesday that it is difficult for regulators to properly protect savers because information is scarce.
Evidence suggests that "a significant proportion of people are continuing to fall victim to pension scams," even though pensions cold-calling was banned in 2019, the institute said. Scams are increasingly focused on transfers to pension arrangements that invest the money inappropriately....
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