The group will be Chaired by Jim Gee, Partner and Head of Forensic Services at Crowe. Jim is also visiting Professor and Chair of Europe’s premier research unit for cybercrime and fraud at the University of Portsmouth. Jim will work closely with Andrew Penketh, Partner and Head of Pension Funds at Crowe. The working group will include representatives from a variety of pensions administrators as well as those with a range of related professional skills.
Girish Menezes, PASA Director, said, “Cybercrime and Fraud is a significant issue for the Pensions Regulator, Pensions Minister and the industry as a whole, and is our members’ most immediate threat. It is vital that we support and equip them with the relevant and most up to date guidance so that they, in turn, can protect their scheme members. We look forward to working closely with Crowe to create two new future standards for administrators, the development and take-up of which will reassure trustees and scheme members that pensions administrators are doing their very best to protect schemes from fraud and cybercrime.”
Jim Gee, commented: “It is crucial that pensions organisations are properly protected against fraud and cybercrime, particularly now as the threats become more ever more sophisticated. Fraud and cybercrime threaten the value of pensions at a time of life when sources of income become more limited and the chances of financial recovery diminish. Our aim is to develop clear practical standards which can help pensions administrators to protect themselves and the scheme members who rely on them.”
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