Pension Committee Warned On 'Unfit' Fraud Reporting Service

Law360, London (September 16, 2020, 6:14 PM BST) -- The U.K.'s reporting service for financial crimes is currently unfit for tackling pension fraud, experts told a parliamentary committee Wednesday, after it emerged that just a fraction of potential scams are passed on for further investigation.

A panel of industry experts called before the Work and Pensions Committee said that there were concerns that Action Fraud, which is operated by City of London Police, is under-resourced and ill-equipped to deal with the changing nature of scams.

The criticism comes after a Freedom of Information report published by financial adviser Quilter on Monday found that just 6.6% of pension scams reported through...

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