Source · Select Committees · Work and Pensions Committee
Recommendation 25
25
Not Addressed
Paragraph: 111
There are many bodies with potentially overlapping enforcement responsibilities relating to pension scams.
Recommendation
There are many bodies with potentially overlapping enforcement responsibilities relating to pension scams. These include, but are not necessarily limited to: the Pensions Regulator, the FCA, the Insolvency Service, HMRC, Information Commissioner’s Office, the police service, the Serious Fraud Office, the Pensions Ombudsman and the Financial Ombudsman Service. The fragmentation of reporting, investigation and enforcement around pension scams has made tackling pension scams more difficult. We recommend that, as the taskforce responsible for coordinating the response to pension scams, Project Bloom should publish an accessible Protecting pension savers—five years on from the pension freedomss Pension scams 61 and publicly available document outlining the roles and responsibilities of all bodies involved in tackling pension scams. It should also report annually on the amount lost by, and reimbursed to, pension savers.
Government response summary AI-generated
The government discusses Project Bloom's operational footing and its consideration of options for leadership and resourcing, but does not commit to publishing a document outlining roles or reporting annually on pension scam losses and reimbursements as recommended.
Summary of the government's response below — read the verbatim text to verify.
Paragraph Reference:
111
Government Response
Not Addressed
HM Government · verbatim extract
Not Addressed
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.
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