Enhanced powers for trustees to block or pause transfers where there is potential scam activity will come into force on 30 November, the government has confirmed.
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...
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