Pension scams group issues code of good practice

The Pension Scams Industry Group (PSIG), a voluntary body set up to help trustees, providers and administrators fight against pension scams, has issued version 2.1 of its code of good practice.

PSIG chair, Margaret Snowdon, commented: “We’ve been making good progress in our fight against pension scams, with many millions of pounds saved from the clutches of scammers through our work. But scammers are cunning and will always evolve their techniques, which is why we continue to develop our code. It will take the introduction of legislation to truly end the growing problem of pension scams but in the meantime, our voluntary code provides essential guidance and tools to help trustees and providers identify, and protect, their members and themselves from suspicious activity.”

Guy Opperman, minister for pensions and financial inclusion, said: “Pension scams are callous crimes that rob people who have done the right thing and saved for their future and the retirement they deserve. I’m determined to stamp them out. There’s good work already going on – the FCA’s ScamSmart campaign stopped £33 million falling into crooks’ hands last year alone.” The Pension Regulator’s executive director for frontline regulation, Nicola Parish, commented: “The updated code will allow providers to more easily understand how they can help to prevent savers losing their funds to criminals.”