Pimfa blames FCA's 'focus on large firms' for scams

She said: “I think it's important that regulators are flexible to the extent they can move fast because scams do change, and we're certainly a little bit concerned that we're often trying to regulate for last year's problem."

Andy Agathangelou, founder of the Transparency Task Force, said any regulatory framework needed to be built around the duty of care principle.

But he agreed change was needed to address gaps in the framework.

He said: “These pension crooks understand how to dance on inside and sit just outside the regulatory perimeter to avoid being caught.”

Look to overseas

The panel also suggested more needed to be done to stop scammers from operating overseas.

Ms Snowdon explained to the committee that there has been an increase in overseas activity where unscrupulous advisers have persuaded savers to invest in overseas schemes which are unregulated and high-risk.

It was proposed that the UK government and authorities should collaborate with overseas jurisdictions to put a stop to this.

Mr Agathangelou said: “We see a general lack of international collaboration by regulators and enforcement agencies to work together to create a defensive wall that is difficult to breach."

He added: “It is wrong to simply tie it down to [the] question of what we can do within [the] UK when scam victims are all over the world.”

The WPC inquiry on pension scams is expected to run until November.

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