Govt committee calls for 'quick and decisive' action to prevent pension scams

In its report Protecting pension savers - five years on from the pension freedoms: Pension scams, the WPC stated pension scamming is largely underreported. It noted various reasons for this, including the fact that a person may not know they have been scammed until potentially many years later, which makes understanding the scale of the problem "very difficult". The Pension Scams Industry Group estimated £10bn has been lost by 40,000 people to pension scams since the introduction of the pension freedoms in 2015. The WPC said the situation is "likely to be getting worse rather than better...