On August 3, 2022, the Regulator published a document setting out its strategy for combatting pension scams, by which the Regulator means pension fraud which potentially attracts criminal sanctions.
Seven specific types of scam are highlighted, including investment fraud, pension liberation and cold-calling fraud by claims management companies. The Regulator believes the occurrence of scams is under-reported.
The strategy covers a three-year period during which the Regulator intends to:
  • Educate savers about the threat from scams so that all savers are made aware of the risks.
  • Encourage higher standards so that most savers are in schemes providing "gold-standard" protections.
  • Fight fraud through preventing, disrupting and punishing criminals, and the Regulator therefore encourages schemes to report potential fraudulent activity, following its guide for reporting pension scams published in June 2022.
The Regulator recognises 7 kinds of pension scams: investment fraud; pension liberation; non-existent scam pension schemes; scam schemes disguised as legitimate arrangements; cold callers claiming the individual has been mis-sold a pension; breach of employer-related restrictions on investment and excessive fees.

The Regulator encourages the pensions industry to report scams more diligently, thus enabling it to tackle crime more effectively.

 


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Lesley Browning
Lesley Browning
Partner
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lesley.browning@nortonrosefulbright.com
T: +44 20 7444 2448 / +44 77 1030 3311
Shane O'Reilly
Shane O'Reilly
Partner
Email
shane.o'reilly@nortonrosefulbright.com
T: +44 (20) 74443895

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