Pensions Watchdog Urges Plans To Improve Scam Reporting

By Martin Croucher (June 15, 2022, 3:17 PM BST) -- The Pensions Regulator urged professionals in the sector on Wednesday to follow the example of the banking industry and improve their reporting of suspected fraud.

The watchdog issued the warning as it published a guide for trustees on how to better report cases where savers may have been duped by retirement plan scammers.

The government introduced new legislation last year, which gave the watchdog more power to penalize fraudsters for conning people out of their life savings. In addition, new rules were introduced requiring trustees to block transfers they deemed as suspicious.

Nicola Parish, executive director of frontline regulation at TPR,...

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