Pensions - Articles - PLSA on new timeline for legislation on pension scams


Commenting on the Government announcement that draft legislation to ban cold calling (including texts and emails) will be published in early 2018 (click here for statement), James Walsh, Policy Lead: Engagement, EU and Regulation at the Pensions and Lifetime Savings Association (PLSA), said:

 “We have been calling on the Government to show more urgency in tackling pension scams, so this indication of when we can expect draft legislation is a step in the right direction. But we are still a long way from the cold calling ban actually taking effect and the Government will need to keep up the momentum.

 “However, with the vast majority of defined benefit/hybrid schemes reporting transfer requests and almost a third rejecting some due to due diligence concerns, we feel that there is more that needs to be done.

 “We would like to see the Government take a more ambitious approach by introducing an authorisation regime for pension schemes.

 This would mean only allowing transfers to schemes recognised as legitimate and trustworthy. Any small scheme (‘SSAS’) that wishes to receive transfers would have to include an independent trustee on its trustee board with a duty to ‘blow the whistle’ on scam-related activity. Alongside the new regulatory regime for master trusts and existing FCA regulation of many providers, this would be a big step towards shutting the scammers out of pensions.”
  

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