Royal London’s Steve Webb has hailed a new ruling by the Pensions Ombudsman as a "landmark" which offers new hope for victims of pension scams.
The PLSA has welcomed news that the Government is set to publish draft legislation to ban pension cold calling - including texts and emails - in early 2018.
In August, HM Treasury and the Department for Work & Pensions finally released their response to the ‘Pension Scams’ consultation.
Analysis by a Sipp provider and pension consultancy has uncovered signs of potential scam activity in 1 in 12 pension transfer requests with unauthorised advisers among the worst culprits.
The Pensions and Lifetime Savings Association, the 1,300-member pension scheme trade association, has urged the government to speed up the implementation of its ban on pensions cold calling.
Losses due to pension scams were close to £2,500,000 from July to August, police figures have indicated.
Losses due to pension scams more than tripled to nearly £5m in the month after the pension reforms took effect as liberation scams tripled, new figures suggest.
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