The Pensions Administration Standards Association has created a cyber crime and fraud working group, aimed at creating standards to better protect pension schemes and their members.
According to Girish Menezes, a director at PASA, the working group will create two new standards for administrators, to reassure trustees and scheme members that pensions administrators are doing their best to protect schemes from fraud and cyber crime.
He said: “Cyber crime and fraud is a significant issue for the Pensions Regulator, pensions minister and the industry as a whole, and is our members’ most immediate threat.
“It is vital that we support and equip them with the relevant and most up-to-date guidance so that they, in turn, can protect their scheme members.”
The group will be chaired by Jim Gee, partner and head of forensic services at Crowe UK, who will be PASA’s expert partner in the project.
Mr Gee, who is also visiting professor and chair of the research unit for cyber crime and fraud at the University of Portsmouth, will work closely with Andrew Penketh, partner and head of pension funds at Crowe UK.
The working group will include representatives from a variety of pension administrators, as well as those with a range of related professional skills, PASA stated.
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