Source · Select Committees · Work and Pensions Committee
Recommendation 25
25
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.
Paragraph Reference:
111
Government Response
Acknowledged
HM Government
Acknowledged
Project Bloom operates on the basis of partnership working and has no statutory footing. We agree that it could benefit from being placed on a more formal footing within the existing partnership. Central coordination of intelligence is essential. We are considering options as to which organisation could lead that function, as well as any resource and funding considerations any change may entail. Project Bloom is a recognised project name across the relevant agencies, and ScamSmart is well established as the consumer facing brand. Careful consideration would also need to be given to any rebranding exercise. Supporting pension scam victims