Recommendation 20

HM Government · verbatim extract Not Addressed

We believe that education will always be one of the most effective weapons against scammers. It would be far tougher for scammers to succeed if individuals can spot a scam and do not hand over their hard-earned retirement savings in the first place. For the past three years, The Pensions Regulator (TPR) and the Financial Conduct Authority (FCA) have jointly run the high-profile multi-million ScamSmart advertising campaign across television, radio, online and digital media. It has reached four out of five pension savers between 45–64, the group most at risk, with 77% reporting they recognise the TV campaign. Over the three years of running the consumer-facing ScamSmart campaign, TPR has evolved its proposition and shifted its focus to its ‘Pledge to Combat Pension Scams’ campaign as this centres on their regulated audience (trustees, providers etc), focusing its resources to impact the behaviours of this group in areas such as member communication, reporting suspected scams, and carrying out due diligence on transfer requests. TPR and the FCA will continue to have a close working relationship and, together with other Bloom partners, support the promotion of both the consumer-facing and industry- facing campaigns. 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. The pledge includes the ambition that industry evolves their practices, including on member warnings, as scammers methods alter. TPR is also emphasising the need for increased industry reporting to Action Fraud via the Pledge campaign, the Pension Scams Industry Group code and City of London Police industry communications.