Source · Select Committees · Work and Pensions Committee
Recommendation 26
26
Paragraph: 112
The FCA told us that there have been a very large number of prosecutions involving...
Recommendation
The FCA told us that there have been a very large number of prosecutions involving scams and unauthorised business. We do not agree with this assessment. Its own figures—revealed only through Freedom of Information requests—show that there were just 25 convictions. We have heard numerous criticisms that the FCA is not effective in stopping scams, punishing scammers or retrieving scam proceeds. There is a compelling case for a much more ambitious approach. We recommend that the FCA publish a costed plan to raise its game in tackling scams. It should also publish proactively data about its enforcement action, rather than waiting for Freedom of Information requests.
Paragraph Reference:
112
Government Response
Acknowledged
HM Government
Acknowledged
Her Majesty’s Revenue & Customs is happy to work with pension schemes to improve the clarity and accessibility of guidance on the potential consequences and tax charges involved, when accessing their pension before the normal minimum pension age.