Source · Select Committees · Work and Pensions Committee
Recommendation 9
9
Paragraph: 37
We heard repeatedly about a worrying trend of secondary scammers—scammers targeting people who have already...
Recommendation
We heard repeatedly about a worrying trend of secondary scammers—scammers targeting people who have already been the victim of a pension scam. People who have not reported their case to an appropriate body—or who have done so but not received appropriate warnings—may be unaware of the risk that secondary scammers pose. It can take many years before a person realises that they have been scammed. Once they do realise, if they do not seek the right help they are at risk of falling prey to secondary scammers. We recommend that the Pensions Regulator and the Financial Conduct Authority should use their scams awareness campaign, ScamSmart, to warn of the risk of secondary scammers.
Paragraph Reference:
37
Government Response
Acknowledged
HM Government
Acknowledged
The Pensions Regulator (TPR) launched the industry-focused Pledge campaign, working closely with the Pension Scams Industry Group (PSIG) in November 2020. It encourages industry to make a public pledge to combat pension scams and to adopt the recently updated PSIG Code of Good Practice in Combatting Pension Scams. The Pledge campaign gives the industry the tools they need to comply with the PSIG code, which is voluntary - but ultimately, we would support the code becoming a statutory requirement, resulting in even stronger protection for savers. So far, more than 240 organisations have pledged or self-certified they meet the principles of the pledge. We continue to monitor the number of sign ups and TPR is continuing to promote the campaign. For example, in March, TPR hosted a webinar for more than 500 trustees and providers. A recording of the webinar is already available on its website and will be shared through their regular industry communications. TPR have also increased its paid digital activity, emails, stakeholder engagement and organic social media posts. TPR is actively working with the industry to support them to make the pledge and continues to meet regularly with those wanting to improve their anti-scams processes. TPR have assured us that, if required, it can continue to provide results of the campaign to the Committee. Its next burst of paid for activity is scheduled for September.