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...

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