Industry gives extra advice on ScamSmart campaign

Leading pensions and advice figures have added a range of suggestions to help support the joint Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) ScamSmart campaign.

The Pensions and Lifetime Savings Association (PLSA) has urged trustees and administrators to get to engage with the recently revised code of practice from the Pensions Scams Industry Group.

It is also reiterating its call on the government to introduce a tailored authorisation regime to give people confidence that their pension scheme is a legitimate home for their retirement savings.

PLSA policy lead: investment & stewardship Caroline Escott, said: “Pension professionals must continue to remain vigilant as scammers are very quick to adapt their methods.”

The Personal Finance Society (PFS) has warned that while technology was seen by many as the answer to the advice-gap, it also made it easier for scammers to engage with potential victims.

In its response to the ScamSmart campaign, the PFS has pioneered a campaign called ‘ScamSmart – A Profession United Against Scams’ which is a 15 minute monthly commitment to search out the scammers.

Pensions Management Institute president Lesley Carline urged the industry to make use of the tools provided by the ScamSmart campaign. “Freedom and choice has inadvertently opened up a whole new area for scammers and the potential loss to pension scheme members is truly frightening,” she said.

Aegon head of pensions Kate Smith agreed more needed to be done to get the message out to members.

“Fraudsters are chameleon like, resorting to whatever tactics gets them the results they want and they’re particularly good at playing with people’s emotions to trick them into parting with their hard-earned cash,” she said.

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