FCA called to do more to protect DB and DC members from scams

This comes after the regulator announced the end of contingent charging from 1 October in a policy statement last week. The PSIG has said both defined benefit (DB) and defined contribution (DC) scheme members need the FCA to now "go further" given members' increased susceptibility to scams during the coronavirus pandemic. More than 11,000 coronavirus-themed scams totalling over £5m have been brought to ActionFraud since February, with Press Association having identified pension-related scams as the most common. PSIG deputy chair Tommy Burns said improving pension scheme member unde...