UK. What the amendment to the Pension Schemes Bill could mean in the battle against fraud
During the maelstrom of seven months of Covid-19, we’ve grown used to hearing about a select number of reoccurring concerns, one of which is the menace of pensions fraud.
Although pensions fraud is not a new phenomenon, there has been growing concern that the environment of uncertainty created by the global pandemic is enabling ruthless scammers even more freedom to wreak their misery.
Barely a week has gone by without there being a round of headlines relating to the latest warning to savers about being extra vigilant when it comes to making any big decisions relating to their pension pot.
What policymakers are doing about it
The threat of pensions fraud is serious enough for it to receive plenty of airtime in Westminster during the past month.
The Work and Pensions Committee has met twice in recent weeks to hear from experts and industry figures about both the scale of the problem and how it should be tackled. The Financial Conduct Authority (FCA) this month gave evidence that it is investigating 85 companies for possible pension-scam concerns.
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