Source · Select Committees · Work and Pensions Committee
Recommendation 1
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People save for retirement and later life in many different ways, not solely through their...
Conclusion
People save for retirement and later life in many different ways, not solely through their pensions. During the course of our inquiry we have been contacted by a number of people who have lost savings, other than pensions, which were intended to support them in retirement.
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Government Response
Acknowledged
HM Government
Acknowledged
The Department for Work and Pensions (DWP) and HM Treasury already work collaboratively on these issues, including through Project Bloom, and recognise the importance of doing so to address the vulnerabilities the fraudsters exploit. This joined-up approach also recognises the interlinkages between both departments in the areas of financial advice, guidance and pensions / investment fraud. However, combatting pension scams requires cross-government co-ordination and DWP is also working closely with the Home Office and the Department for Digital, Culture, Media and Sport to ensure there is a consistent and unified approach to these issues. We cannot commit to publishing details of policy discussions between Government departments as much of this work will be sensitive. However, as referenced in the introduction, the Government is committed to publishing a comprehensive Fraud Action Plan after this year’s Spending Review, that will commit key partners in the public sector and industry to do more to tackle fraud. Recording and reporting