Nearly half of the ‘amber flag’ scam guidance sessions conducted by the Money and Pensions Service (Maps) are conducted for “unknown reasons”, Quilter finds.
Freedom of information (FOI) data from Maps gathered by Quilter revealed 44% of Maps' amber flag-related guidance sessions are conducted without knowledge of the reason for the flag being raised. Quilter said in the FOI response Maps confirmed it "does not enter into correspondence with members, schemes or providers about the reason for the amber flag", with the firm warning Maps "does not appear to be proactively improving the data it is collecting". Quilter also found overseas investments remain a common cause of an amber flag being raised, resulting in many "potentially low risk pe...
To continue reading this article...
Join Professional Adviser
Signup and gain exclusive members-only insights
- 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.
