Source · Select Committees · Work and Pensions Committee
Recommendation 28
28
Paragraph: 114
Regulators exist to protect savers and not enable scammers.
Recommendation
Regulators exist to protect savers and not enable scammers. Where a regulator has failed in this fundamental duty they should be held accountable. We recommend that the Government review the recourse available to pension scam victims when the actions of a regulator have been beneficial to the scammer.
Paragraph Reference:
114
Government Response
Acknowledged
HM Government
Acknowledged
Her Majesty’s Revenue & Customs (HMRC) is currently a member of the Project Bloom Communications Group and works alongside the other members to help promote the warning signs of scams. HMRC has always co-operated with the other members of Project Bloom, exchanging information via legal gateways to help tackle those taking advantage of pension scheme members. HMRC’s formal membership of the Strategy Group ceased in 2020, after which it was represented by HM Treasury. HMRC has now formally requested to re-join the Project Bloom Strategy Group.