Source · Select Committees · Work and Pensions Committee
Recommendation 31
31
Not Addressed
The establishment in 2012 of Project Bloom, the multi-agency task force set up to tackle...
Recommendation
The establishment in 2012 of Project Bloom, the multi-agency task force set up to tackle pension fraud was an attempt to overcome this. We support the creation of Project Bloom, but it has become clear that it does not have the capacity in its current form to achieve its objectives. It must now be given a statutory remit, an appropriate name—we propose “the Pension Scams Centre”—dedicated funding, and the staffing to manage a pension scams intelligence database alongside law enforcement. To avoid the risks of creating yet another regulatory body in an already crowded field, 62 Protecting pension savers—five years on from the pension freedomss Pension scams we recommend that the new Pension Scams Centre should have a board made up of representatives of Project Bloom’s current member organisations, with oversight of a pension scams hub. The hub’s responsibilities would include facilitating intelligence- sharing within the pensions industry and between regulatory bodies. The funding for both bodies should be ringfenced from existing budgets. The new organisation should consult on a public strategy with clear targets for reducing the incidence of pension scams and publish data demonstrating its success—or otherwise—in achieving these targets. (Paragraph 120) Supporting with pension scam victims
Government response summary AI-generated
The government acknowledges scope for further action and a more joined-up approach, then details existing support services provided by MaPS for victims of pension scams and the rollout of the Action Fraud Economic Crime Victim Care Unit. It does not address the recommendation to establish a new statutory Pension Scams Centre with dedicated funding, an intelligence hub, or a public strategy with targets.
Summary of the government's response below — read the verbatim text to verify.
Government Response
Not Addressed
HM Government · verbatim extract
Not Addressed
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
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