The Pension Regulator’s latest campaign, which calls on the industry to commit to a set of actions to protect savers from scams, has collected more than 100 pledges.
According to the regulator, 117 pledges have been made only a month after the campaign first launched (November 10), including three master trusts, which alone represent 50,000 savers.
A further 37 of those that pledged have also self-certified that they have adopted stringent practices on due diligence, member warnings and reporting scams.
Nicola Parish, TPR’s executive director of frontline regulation, said: “Pension scammers wreck lives and we’re determined to stop them in their tracks.
“Our campaign offers the pensions industry the opportunity to play its part in the battle against scammers. More than 100 pledges in just one month is an impressive start. But we aren’t complacent.
“We urge every trustee, administrator and provider who has not pledged to do so and fulfil their duty to protect savers, understand scam tactics and adopt transfer due diligence best practice.”
As part of the campaign firms and providers agree to regularly warn members of the risk of scams and to encourage those looking to enter drawdown to set up a guidance appointment with The Pensions Advisory Service.
Firms must also be familiar with the warning signs of a scam and ensure they take appropriate due diligence measures and document pension transfer procedures.
In addition, providers must inform members if a transfer is high-risk and should report any concerns they have about a suspected scam to the relevant authorities.
Trustees, advisers and providers can sign up to the pledge through a dedicated website.
They will then be sent education and resources and a link to online training on stopping scams.
Signatories can also self-certify they have met the six pledge steps.
More than £30m has been reportedly lost to pension scams since 2017, according to complaints filed with Action Fraud, although the figure is likely to be much higher as savers often fail to spot the signs of a scam and don’t know how much is in their pots.
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