Pensions Watchdog Raises Alarm As Fraud Reporting Slumps

Law360, London (March 25, 2021, 3:17 PM GMT) -- Britain's retirement savings watchdog said on Thursday that the pensions sector must do more to pass on details of suspected scams, pointing out that reports to a police anti-fraud service have dropped by 80% in seven years.

Reports to Action Fraud — run by City of London Police and the National Fraud Intelligence Bureau — about investment fraud fell from 1,788 in 2014, to just 358 in 2020, The Pension Regulator said.

The sector has come under pressure to boost reporting of suspicious activity after lawmakers said in July 2020 that official numbers on pension fraud may be only the tip of...

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