Commentators welcome timely WPC impact of freedoms inquiry

Fraudsters a 'scourge'

clock • 3 min read

A three-pronged Work and Pensions Committee (WPC) inquiry to review the impact of pension freedoms has been welcomed by the industry as pension savers continue to fall victim to sophisticated scams.

The first phase of the inquiry - announced yesterday (28 July) - will look specifically at how pension freedoms have enabled heightened scam activity. In the context of the UK's national coronavirus lockdown, the industry has said the timing of the WPC is crucial. ActionFraud figures in June showed more than 11,000 Covid-19 financial scams costing £5.1m had occurred between February and June, the most common of which were pension-themed. Pension Scams Industry Group (PSIG) chairwoman Margaret Snowden said it was time for clear government focus. "I am delighted that at long last,...

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 Pensions

Why the real problems of the pensions dashboard are yet to start

Why the real problems of the pensions dashboard are yet to start

'Its aims seem not only less relevant but potentially problematic'

James Floyd
clock 23 June 2025 • 5 min read
Turning data into dialogue: Helping clients visualise retirement realities

Turning data into dialogue: Helping clients visualise retirement realities

'Data is more than just a collection of figures, it's a powerful tool for engagement'

Joshua Croft
clock 20 June 2025 • 3 min read
Average pension transfer took just 11 days at tax year-end

Average pension transfer took just 11 days at tax year-end

Origo says transfer times decreased around tax year-end with half taking seven days or less

Jasmine Urquhart
clock 17 June 2025 • 2 min read