All fraud articles – Page 6
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News
Widespread industry support for regulator’s Covid-19 response
On the go: Industry professionals are “overwhelmingly positive” about the Pensions Regulator’s response to Covid-19, though they remain pessimistic about future prospects, according to a report from the Pensions Management Institute.
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News
Regulator to focus on protecting savers amid Covid-19
On the go: The Pensions Regulator has said it will prioritise protecting savers during the coronavirus pandemic, as well as supporting schemes to continue to deliver benefits.
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News
Work and pensions committee urged to open inquiry into scams
On the go: The head of a transparency pressure group has written to the chair of the work and pensions committee to request it opens an inquiry into the scope and extent of pension scams.
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News
Seven-year scam poses ‘serious questions’ for TPR
The Pensions Ombudsman has finally brought to a close a seven-year case that left members of three pension schemes looking to recoup losses in excess of £14m. However, questions have been raised about the effectiveness of the Pensions Regulator in this case.
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News
Regulator repeats anti-scam warning after £5m lost to fraudsters
On the go: The Pensions Regulator has repeated its warning about scammers after a report revealed more than £5m has been lost to fraud since February.
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News
Millions fall for pension scams amid coronavirus crisis
On the go: One in five victims of a financial scam during the coronavirus pandemic were targeted by pension fraudsters amid warnings of “low-life” scammers preying on the vulnerable
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News
Aviva launches online scam reporting service
On the go: Aviva has launched an online scam reporting service in response to the influx of fraudulent activity by those exploiting the coronavirus crisis and people’s vulnerability at this time.
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News
Ombudsman sides with Aegon on transfer to 'bogus' pension scheme
On the go: The Pensions Ombudsman has ruled that Aegon did not fail in its duty of care when allowing a member to transfer his savings to a “bogus employer”, once again emphasising that trustees would not be held responsible for certain historic cases of fraud.
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News
Covid-19: Disruption for DC schemes; social impact woes
While defined contribution trustees are being warned they could be facing more disruption than just investment volatility, institutional investors are calling on companies to mitigate the coronavirus social impact. At the same time, risks of cybersecurity and fraud are on the rise. Read our round-up of pensions and finance news about the coronavirus outbreak.
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News
PASA to tackle cyber crime and fraud with new working group
On the go: The Pensions Administration Standards Association has created a cyber crime and fraud working group, aimed at creating standards to better protect pension schemes and their members.
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Features
Fraud costs pensions £6bn every year
Data crunch: Almost a decade after a wave of pension liberation tax schemes hit the UK retirement sector, fraudulent activity is still having a detrimental impact on savers – costing schemes £6bn every year, according to the latest analysis.
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OpinionWhy face-to-face member engagement outdoes digital…for now
Record attendance at the London Pension Fund Authority’s annual member forum in late September highlights the scale of the opportunity for pension schemes when they invest in their membership and collaborate more effectively with their members.
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News
Disability charity boss stole £250k from scheme
On the go: The former head of a charity for the disabled has admitted defrauding its pension scheme out of more than £250,000.
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News
FCA scam warning: 22 years of pension savings gone in 24 hours
On the go: Victims of pension scams lost an average of £82,000 to fraudsters last year, equivalent to 22 years’ worth of savings evaporating within 24 hours, according to the Pensions Regulator and the Financial Conduct Authority.
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News
Ombudsman upholds complaint against LGPS despite predator warning
On the go: The Pensions Ombudsman has upheld a complaint against Hampshire County Council and the Hampshire Pension Fund involving a transferring member who fell victim to a scam.
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News
5 million still at risk from scams, TPR warns
On the go: The Pensions Regulator has warned that as many as five million savers are still at risk from pension scams, as it renews its commitment to fighting fraudsters alongside the Financial Conduct Authority.
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NewsFCA's move to shrink IFA market poses trustee challenges
The Financial Conduct Authority defended its increase to the compensation limit on Wednesday, accepting that the financial advice market was shrinking but reaffirming that it will help protect consumers.
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News
PSIG calls on trustees to review procedures amid rise in scammers
The Pension Scams Industry Group exhorted trustees to review their scam prevention procedures on Tuesday, as pension fraud attempts continue to rise despite tightening government regulations.
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News
Former charity chief pleads not guilty in £250k fraud
On the go: The former head of a charity for the disabled has pleaded not guilty to defrauding the charity’s pension scheme at a hearing at Winchester Crown Court on Tuesday.
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News
Members ‘blissfully’ unaware of pension minefield ahead
On the go: Pension scheme members nearing retirement are ill-prepared for the problems they face when accessing their pensions, ranging from paying too much tax, to running out of money before the end of their days, or even losing their life savings to scams, according to a new survey of trustees.