Watchdog Urges Pensions Sector To Crack Down On Fraud

Law360, London (November 10, 2020, 1:32 PM GMT) -- The pensions watchdog asked all pension providers and trustees on Tuesday to sign up to a pledge to crack down on fraudsters as it said that investors have been swindled out of £30 million ($40 million) in retirement savings since 2017.

Funds and trustees that sign up will agree to warn savers about scams when they ask to move their savings around, The Pensions Regulator said. They will be asked to encourage clients to seek impartial advice and ensure they document all pensions transfers.

"Pension scams devastate lives," Nicola Parish, executive director of frontline regulation at the regulator, said. "As the...

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