UK - Pensions schemes may be duped into adopting unnecessary data protection measures, lawyers warn.
Law firm Laytons said the statutory obligation for companies to notify the government of data held on scheme members has prompted individuals to get businesses to pay for unnecessary services.
It said the agents – often with official sounding names – send confusing messages and use “scare-mongering” tactics to persuade businesses to incur extra compliance costs.
The warning follows the naming and shaming of seven agents which offer such services by the Information Commissioner, which oversees the Data Protection Act 1998.
These are Data Protection Act Registration Service, Data Protection Agency Services, Data Protection Registration Agency, Data Collection Enforcement Agency, Data Registration Agency, DPA Registration Agency and Data Protection Act Registration Agency.
Laytons solicitor Gary Fotios said: “These agents are cashing in on the fear factor.
“While it is true in most instances that businesses processing personal data need to notify the Information Commissioner, notification itself is a relatively painless and inexpensive process.”
Standard Life has increased exposure to risk assets in three out of five funds in its Active Plus and Passive Plus workplace pension ranges.
Some 48% of employers are unaware of the services or help they offer to members of their defined contribution (DC) schemes, according to Aon.
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