Automatic red flags to give trustees greater power to halt pension transfers

James Phillips
clock • 4 min read
The flag system would also allow transfers to be paused. Photo: Albertoamaretto/Pixabay
Image:

The flag system would also allow transfers to be paused. Photo: Albertoamaretto/Pixabay

Pension transfers will be red-flagged and blocked if savers have been approached via social media under stronger anti-scam plans set out by the government on Friday.

The Department for Work and Pensions (DWP) has launched a consultation, open for just under four weeks, on strengthening protections against scams for members where unsolicited contact is received ...

To continue reading this article...

Join Professional Adviser

 

  • 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

James Phillips
Author spotlight

James Phillips

Professional Pensions journalist from 2016-2022

More on Regulation

Nicola Parish: “Our new scams combat plan sets out to make savers aware of the risk of scams"

Cost of living exposing savers to more scams, TPR warns

TPR scams strategy

Hope William-Smith
clock 03 August 2022 • 2 min read
David Ogden: The FCA's Consumer Duty rules and the importance of value

David Ogden: FCA's Consumer Duty rules and the importance of value

Good value 'particularly important'

David Ogden
clock 03 August 2022 • 5 min read
FCA tightens AR rules to cut mis-selling risk

FCA tightens AR rules to cut mis-selling risk

'Regulatory lacuna'

Jenna Brown
clock 03 August 2022 • 3 min read