UK Urged To Introduce Tougher Penalties For Pension Scams
Law360, London (February 19, 2021, 2:08 PM GMT) -- The government should introduce tougher criminal penalties for the crooks behind pension scams and similar fraud, as newly introduced measures alone are not sufficient to eradicate the problem, according to an investment manager.
The Pension Schemes Act, which became law on Feb 11, gives pension scheme trustees more power to stop fraudulent pension transfers occurring when some red flags are raised, Quilter PLC said on Thursday.
"However, this alone will not eradicate pension scams, nor will it prevent the proliferation of online investment scams, which pension savers are also vulnerable to," the London-based company said.
The new law also strengthens the ability...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!