Source · Select Committees · Work and Pensions Committee
Recommendation 3
3
We recommend that DWP should publish details of its plans to co-ordinate work with the...
Recommendation
We recommend that DWP should publish details of its plans to co-ordinate work with the Treasury to combat pension scams as a matter of urgency. Following the introduction of the pension freedoms there is now less practical distinction between the areas of Treasury responsibility, including investments and advice, and DWP’s role in combatting pension scams. (Paragraph 12) Recording and reporting
Government Response
Acknowledged
HM Government
Acknowledged
The existing Pension Scams Industry Group definition was developed by Project Bloom in 2016 following consultation with all partners. Pension scams can be particularly harmful due to the impact on people’s retirement provision for later life. The definition focuses on accessing funds from a pension pot, which we believe remains fit for purpose. There are broader threats impacting consumers, such as the emergence of cloned websites, and ‘sharp practice’ (e.g. misleading people about a contract, fees or investments) within some segments of the pensions and investment advice industry. We keep such threats under review via the Project Bloom threat assessment. In addition, a number of agencies within Project Bloom have a broader focus than just pension scams, and the existing definition feeds into their broader view of, and response to, fraud generally. Project Bloom partners are currently exploring options to improve the reporting process and data collected. 8 Responses to the Committee’s Fifth Report of Session 2019–21