The Society of Pension Professionals (SPP) has voiced its support for the Pension Scams Industry Group’s (PSIG) evolution or extinction consultation, but called for greater clarity on the group's remit and activities.

PSIG launched a consultation aimed at determining the future of the organisation in May, after its chair, Margaret Snowdon OBE, said that the organisation was ultimately unsustainable in its current form.

In its response to PSIG’s consultation, SPP said that its members are positive about a range of PSIG activities, including the widespread use of the PSIG Code of Good Practice, and that the Pension Scams Industry Forum is viewed as “useful”.

However, members raised concerns about delays in updating the Code of Good Practice, suggesting that the code could become outdated and lose its relevance over time.

As a solution, SPP suggested that PSIG could regularly publish notes that can be updated more easily alongside the code.

SPP also recommended postponing the consideration of funding arrangements until the outcome of the consultation is known, so members know what they would be paying for.

Furthermore, PSIG proposed that there needs to be improved communication to members on what it is doing to increase awareness of pension scams.

In addition to this, SPP suggested that PSIG’s website could be reconfigured to serve as a central information hub, which features relevant links to documentation across the industry.

SPP administration committee chair, Amit Shanker, said: “PSIG has done a great job at raising awareness, understanding and standards across the pensions industry when it comes to dealing with pension scams.

“SPP would very much like to see PSIG refining and clarifying its remit and activities so that it can evolve to continue its good work.”

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