Recommendation 25

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.