Scams could slip through the net under new transfer rules

“If a member only has to attend a Maps interview to override trustee concerns this is likely to allow some scam transfers to slip through the net”.

The proposed rules have faced criticism across the industry, with the Association of Consulting Actuaries agreeing the amber flags, which focus on investment and charges, appeared to be harder to operate than the red flags as they were much more dependent on interpretation.

Meanwhile, Premier Pensions Management said there was a need to balance speed of service with protection of the members from scams and adviser partnerships could help with that.

Last year, proposals to give trustees the power to halt pension transfers where a scam is suspected gained support from advisers, despite some scepticism over the practicality of implementing them.

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