Trustees get power to block 'red flag' scam transfers

In a bid to cut down on scam and fraudulent activity, the Department for Work and Pensions  has confirmed it will go ahead with "red" and "amber" flag proposals. Outlined in a consultation earlier this year, a red flag would allow trustees and scheme managers to completely block a transfer request where there are "tell-tale signs of fraud or methods frequently used by scammers". The amber flag would allow a transfer to be paused until a member has proven that they have taken scam-specific guidance from the Money and Pensions Service (Maps). The regulations will come into force at t...