On 29 March 2023, the government published a new briefing paper which provides information on pension scams.
Just 29% of pension fraud reports are sent to the police. In a bid to tackle fraud, the government has launched its new fraud strategy.
The UK is banning cold callers from selling financial products in a bid to crackdown on scams. The blanket ban – which covers unsolicited calls offering any financial product – also extends to legitimate schemes and investments.
Last month, steelworkers were invited to a roadshow on the Financial Conduct Authority’s (FCA’s) pension redress scheme. But, for many of those affected by British Steel pension mis-selling, the invite arrived after the event was held.
Today, the Financial Services Compensation Scheme (FSCS) has announced the failure of Better Retirement Group (BRG).
If you were advised to transfer your pension from the BSPS and have subsequently found yourself worse off, you may have a claim with the Financial Services Compensation Scheme (FSCS). The FSCS exists to protect consumers when financial firms fail.
Following concerns that thousands of pension mis-selling cases have gone undetected, a House of Commons public accounts committee has called for a review of the UK Financial Conduct Authority’s (FCAs) monitoring of the pension transfer market.
The Pensions Regulator (TPR), the UK regulator of workplace pension schemes, has warned people to look out for scammers as the cost of living may leave them more vulnerable.
Ben Rees, Technical Director of the Investment Fraud & Mis-selling group, argues for a better government response to pensions mis-selling in Law 360. Ben’s article was published
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