Source · Select Committees · Work and Pensions Committee
Recommendation 16
16
Paragraph: 63
The FCA hosts a warning list on its website.
Recommendation
The FCA hosts a warning list on its website. The warning list publishes details of unregulated entities which appear to be carrying out an FCA regulated activity without the requisite authorisation or permission. The Minister for Pensions and Financial Inclusion told us that the powers under section 125 of the Pension Schemes Act do not allow a transfer to be blocked by a warning list operated by a third party organisation, such as the FCA. We recommend that inclusion on the FCA warning list should constitute a red flag. If this is not possible, then the red flags developed by DWP should be defined in such a way that any firm or individual appearing on the FCA warning list would trigger a red flag.
Paragraph Reference:
63
Government Response
Acknowledged
HM Government
Acknowledged
The Home Office and the Department for Digital, Culture, Media and Sport (DCMS) continue to work with the tech sector to explore voluntary approaches to reducing fraud together, including a public-private technology sector charter. Such a Responses to the Committee’s Fifth Report of Session 2019–21 13 charter might include actions aimed at tackling fraudulent adverts on search engines and social networks. We believe these actions are best situated within the context of a wider set of actions, rather than through standalone codes. Progress on the charter has been made (see p,2 of this response).