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,...
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