Pension scam report shines light on quality of advisers

27,000 transfers looked at

Hannah Godfrey
clock • 3 min read

Financial advisers and/or unregulated introducers have had some involvement in half of suspected pension scams, a report by the Pension Scams Industry Group (PSIG) has claimed.

The report found around half (52%) of red flags raised by due diligence on suspected scam pension transfers involved an unregulated introducer, an adviser in a different country from the scheme member, or an adviser who appeared on an internal watch list because of previous concerns. The PSIG gathered information from three pilot providers - Phoenix Life Assurance Company, Standard Life Assurance Company and XPS Pensions Group - throughout 2018, with a view to obtaining a greater understanding of the transfers market and pressures faced by transferring schemes and administrators during t...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Retirement

The conversation that has to change with the 100-year life

The conversation that has to change with the 100-year life

'Advisers need to continue to challenge the cliff-edge narrative directly with clients'

Graeme Bowden
clock 24 September 2026 • 4 min read
Client confidence boost from advice review in retirement fades after six months

Client confidence boost from advice review in retirement fades after six months

Widespread uncertainty about how much can be sustainably spent in retirement

Laura Miller
clock 16 September 2026 • 3 min read
Defensive income before retirement: A four layered framework

Defensive income before retirement: A four layered framework

Entering decumulation can be an unsettling time for clients

Joe Simpson
clock 10 August 2026 • 4 min read