David Loosemore, Technical Specialist – Team Leader at the Single Financial Guidance Body, commented:
“The SFGB welcomes the research from PSIG (Pension Scams Industry group) which highlights the ongoing challenges in tackling pension scams. Whilst there is no silver bullet, one of the keys to success will be continued collaboration across the sector and sharing of intelligence and best practice where we can.
In order to raise awareness and help consumers avoid scams, Pension Wise, The Pensions Advisory Service and Money Advice Service have played an active role in Project Bloom, a multi-agency group which was set up by Government to prevent pensions scams by sharing intelligence, raising awareness and coordinating communications to inform and protect consumers.
TPAS helps people at risk of pensions scams by providing expert and immediate guidance to customers who have sought urgent assistance when pressurised to make a decision on whether to transfer their pension funds.
Pension scams rely on deception and mislead people about investment risks and returns, and in many cases an individual will lose most, if not all of their retirement savings. Evidence has shown that prevention is the best defence against pension scams.
By providing clear guidance, through TPAS, Pension Wise and MAS, the SFGB provides real time support for customers who are vulnerable and maybe at immediate risk of being scammed, or have fallen victim to a scam.