Source · Select Committees · Work and Pensions Committee
Recommendation 21
21
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When someone is looking for support to help them make a decision about their pension...
Conclusion
When someone is looking for support to help them make a decision about their pension they can seek either advice or guidance. These are both important tools to prevent scams, with earlier intervention likely to lead to better outcomes. Advice is a personalised recommendation which can only be provided by regulated individuals and firms. Guidance is a broader term which includes general information and signposting about pensions. This difference is not always understood by consumers and can be exploited by scammers.
Paragraph Reference:
90
Government Response
Acknowledged
HM Government
Acknowledged
The Government and Project Bloom members agree that a publicly available description of its members and their respective roles and responsibilities would be a beneficial next step, and this is an action from its recently completed review – this will be taken forward by the Project Bloom strategy group. A public report on scams measures needs to be considered alongside wider developments on increased industry reporting, as set out in the response to recommendation 2.