All scams articles
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NewsFCA warns cost of living crisis increases risk of pension scams
On the go: The Financial Conduct Authority has warned that pension holders are increasingly vulnerable to “misdirection” scams as the cost of living crisis increases the number of pension pots being accessed for the first time.
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NewsMaPS unclear on origin for half of amber flag scam warnings
On the go: Nearly half (44 per cent) of scam guidance sessions in the past three months have been triggered despite the Money and Pensions Service not knowing why the amber flag was raised to begin with, according to data obtained via freedom of information act request by Quilter.
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NewsScams action group gets six-figure budget to tackle fraud
On the go: The Pension Scams Action Group, a renamed and revamped Project Bloom, is to get a six-figure budget to tackle scams across the next year, with the prospect of more to come.
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NewsWaiting times a problem as demand for Pensions Ombudsman rises
The Pensions Ombudsman has been successful in its application for additional funding, part of which will go towards establishing its new pensions dishonesty unit, and tackling customer waiting times as demand is expected to rise by at least 10 per cent over the next year.
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NewsTPR unveils new scam-busting plan amid cost of living crisis
The increase in the cost of living may leave savers more vulnerable to scammers, the Pensions Regulator has warned, as it unveils a new three-year plan to protect individuals from pension scams.
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NewsPodcast: Ball in TPR’s court as DB funding code consultation launches
Podcast: The consultation into the defined benefit funding code by the Department for Work and Pensions hints at a prescriptive regime to come, but the Pensions Regulator must improve on its “rubbish” code of practice draft, according to Zedra client director Richard Butcher. He and Hymans Robertson partner Laura McLaren discuss the next steps, stronger nudge concerns, and assess the health of pensions post-Maxwell.
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NewsPPF to cover costs of scheme Fraud Compensation Fund claims
The Department for Work and Pensions is consulting on regulatory amendments that would allow the Pension Protection Fund to make interim payments to cover scheme fees and costs during Fraud Compensation Fund claims, and remove a loophole regarding child dependants.
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NewsDWP fails to end transfer ‘war’ between PensionBee and providers
Attempts by the Department for Work and Pensions and the Pensions Regulator to clarify the intent behind rules governing pension transfers have failed to settle the matter between PensionBee and providers it accused of wrongdoing, as critics say intent does not trump law.
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NewsPensionBee reports providers to DWP alleging transfer rules abuse
PensionBee has reported a number of providers to the Department for Work and Pensions, accusing them of exploiting regulatory loopholes to obstruct and delay transfers.
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NewsIndustry calls for clarity on TPR’s enforcement powers
Industry experts, though broadly supportive of the Pensions Regulator’s approach to its new enforcement powers, have nonetheless called for additional clarity in how they will be used, with some concerned that outcomes could be determined in part by “luck”.
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NewsPodcast: Partial AE reform should be prioritised before long-term fix
Podcast: The absence of auto-enrolment reform from the Queen’s speech means the government will be hard-pressed to meet its middle-of-the-decade deadline to achieve it. The priority should be getting the most important parts done as quickly as possible, and introducing the rest of the 2017 reform proposals enacted longer-term. Sackers partner Helen Ball and Mark Ormston, chair of the Industry Policy Committee at the Pensions Administration Standards Association, discuss auto-enrolment, online safety and the proposed value for money framework.
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NewsFree tool launched to help pension transfer clients identify scams
On the go: Help & Advice has introduced a scam predictor to allow those considering a pension transfer to check whether they are at risk of being scammed.
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NewsNo AE reform, but Queen’s Speech measures spark protests
There was no mention of automatic enrolment reform in the Queen’s Speech, but bills around local boycotts, online safety and a revamped audit and reporting framework will all impact the industry, experts have said.
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NewsStandard Life’s sustainable switch and a new LGPS active fund
ESG spotlight: A roundup of the latest news on environmental, social and governance initiatives, including a new sustainable multi-asset profile from Standard Life, a £1bn sustainable global equities fund from LGPS Central, and an anti-scams pledge from the Universities Superannuation Scheme.
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NewsAppeals made as foreign exchange class action proceeds on opt-in basis
The Competition Appeal Tribunal has ruled that a class action suit against banks for participating in a foreign exchange spot trading cartel must proceed on an opt-in basis, leading to fears that thousands of pension funds could miss their opportunity to join the suit.
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NewsGovt called to include paid-for advertising in online safety bill
On the go: Consumer group Which? is calling on the government to include paid-for advertising in the online safety bill, in a response to the boom in online scams.
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NewsPension transfer ‘red flags’ rise to 50% in January
On the go: Pension transfer ‘red flags’ increased to 50 per cent in January despite a dip in transfer activity, according to data from XPS Pensions Group.
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NewsOmbudsman cracks down on trustees with new anti-scam unit
The Pensions Ombudsman has launched a new specialist team dedicated to investigate breaches of trust, and allegations of dishonest and fraudulent behaviour by pension scheme trustees.
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NewsDefined benefit transfers fall to lowest level in four years
On the go: The number of defined benefit transfers has fallen to its lowest level since 2018, according to data from XPS Pensions Group.
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NewsTPR urges schemes to report suspected scams
On the go: The Pensions Regulator is urging more schemes to share data on suspected scams, after almost 400 schemes have joined its campaign to protect savers.