• Home
  • Admin/Tech
  • Benefits
  • Buzz
  • DB
  • DC
  • Diversity
  • Investment
  • Law & regulation
  • Risk reduction
  • Events
  • Whitepapers
  • Spotlights
  • Digital Edition
  • PPTV
  • Newsletters
  • Sign in
  •  
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
    •  

      You are currently accessing ProfessionalPensions via your Enterprise account.

      If you already have an account please use the link below to sign in.

      If you have any problems with your access or would like to request an individual access account please contact our customer service team.

      Phone: +44 (0) 1858 438800

      Email: [email protected]

      • Sign in
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
    • YouTube
  • Register
  • Subscribe
  • Events
    • Upcoming events
      event logo
      Webinar: Using passion for ESG to unleash member engagement

      This webinar will look at how pension schemes can harness their members’ interest in ESG to engage them more broadly with their pensions. In particular, it will look at exclusive research showing how members are reacting to ESG; their propensity to act versus their actual behaviour; and the expectations they have of providers in this regard.

      • Date: 26 Jan 2021
      • Webinar
      event logo
      Investment Conference

      This two part Investment Conference will bring you the latest updates from economists, asset managers and pension consultants. We will be taking a look at the outlook for the 2021 economy, alternatives, cashflow strategies and global equity markets to name a few, assessing how they fared through the volatility and what we can expect for the year ahead.

      • Date: 27 Jan 2021
      • Digital Conference
      event logo
      Webinar: What to put on your GMP Equalisation project roadmap for 2021

      This webinar will bring together views from actuaries, lawyers, administrators, trustees and data experts to look at the pragmatic, collaborative solutions that are open to schemes to solve the GMP equalisation challenges in 2021. It will assess the individual challenges schemes face with equalisations and provide some practical options that are available to resolve these issues.

      • Date: 02 Feb 2021
      • Webinar
      event logo
      Webinar: Will the world return to normal in 2021?

      In this webinar, PP editor Jonathan Stapleton will be joined by BMO’s chief economist Steven Bell and director of fiduciary management, Christy Jesudasan, alongside PTL trustee director Melanie Cusack and Isio’s head of fiduciary management oversight Paula Champion to discuss the significant impact of these themes on the pensions sector.

      • Date: 04 Feb 2021
      • Webinar
      View all events
      Follow our Professional Pension Events

      Sign up to receive email alerts about our events

      Sign up

  • Whitepapers
    • How DC schemes can gain exposure to different asset classes in a low-return environment

      So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap,' ‘pension freedoms' or consultations around ‘value for money', says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).

      Download
      Pension freedoms three years on

      In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.

      Download
      Find whitepapers
      Search by title or subject area
      View all whitepapers
  • Spotlights
  • Digital Edition
Professional Pensions
Professional Pensions
  • Home
  • Admin/Tech
  • Benefits
  • Buzz
  • DB
  • DC
  • Diversity
  • Investment
  • Law & regulation
  • Risk reduction
 
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
  •  

    You are currently accessing ProfessionalPensions via your Enterprise account.

    If you already have an account please use the link below to sign in.

    If you have any problems with your access or would like to request an individual access account please contact our customer service team.

    Phone: +44 (0) 1858 438800

    Email: [email protected]

    • Sign in
  • Admin / Technology

PSIG updates pension scam code with 10 changes

PSIG updates pension scam code with 10 changes
  • Kim Kaveh
  • Kim Kaveh
  • 10 June 2019
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
0 Comments

The Pension Scams Industry Group (PSIG) has updated its voluntary code of practice to reflect regulatory and legislative changes that have affected the industry over the last year.

The updated Combating Pension Scams code, published today (10 June), applies to all transfer requests, and aims to reflect how the tactics of scammers have evolved.

There have been 10 key changes to the document since the June 2018 version in order to provide further guidance for trustees, providers and administrators on various initiatives.

Related articles

  • Mark Stocker dies following cancer battle
  • Five stories you may have missed this week
  • New TPR powers could lead to upsurge in clearance applications
  • Tender Watch: GMC scheme reappoints Aon; Homes England hires Hymans; Civil Service appoints NTT Data for CSPS and RMSPS schemes

These include the cold-calling ban, which came into force in January this year; The Pensions Regulator (TPR) and The Financial Conduct Authority's (FCA) ScamSmart campaign launched last year; and the Money and Pensions Service, which launched in April.

Pensions and financial inclusion minister Guy Opperman said pension scams are "callous crimes" and he is determined to "stamp them out".

"There's good work already going on - the FCA's ScamSmart campaign stopped £33m falling into crooks' hands last year alone," he said.

"But we need to do more and this new code will help pension trustees keep pace with this evolving threat and protect people from these wolves in sheep's clothing. It is essential reading for all those working in the industry."

The group launched the first version of the code in 2015, setting out and encouraging good due diligence to protect individuals from scams. It followed the introduction of Freedom and Choice in the same year, which has led to growing concern that people are being contacted by fraudsters and that scammers have become more sophisticated.

PSIG chairwoman Margaret Snowdon noted there has been "good progress" in the fight against scams with much of members' money being saved from "the clutches of scammers".

"But scammers are cunning and will always evolve their techniques, which is why we continue to develop our code," she added.

"It will take the introduction of legislation to truly end the growing problem of pension scams but in the meantime, our voluntary code provides essential guidance and tools to help trustees and providers identify, and protect, their members and themselves from suspicious activity.

"The human cost of pension scams is huge, so we must all do our utmost to prevent them."

TPR executive director of frontline regulation Nicola Parish added: "The pensions industry plays a vital role in the fight against scams by stopping suspicious transfers and alerting regulators and law enforcement agencies to fraudulent activity so we can take action.

"The updated code will allow providers to more easily understand how they can help to prevent savers losing their funds to criminals."

Earlier this year, the PSIG published a report which claimed over half of red flags raised by schemes on suspected scam pension transfers involved advisers or unregulated introducers.

Key changes to the code
  • The cold-calling ban
  • TPR and FCA's ScamSmart campaign and TPR's threat assessment update
  • The launch of the Money and Pensions Service
  • The Pensions Ombudsman determinations update and implications
  • The rise of claims management firms
  • FCA Letter: Managing the risks of defined benefit to defined contribution transfers
  • FCA, TPR and The Pensions Advisory Service joint protocol
  • PSIG's scams survey pilot 2018
  • Revised Action Fraud reporting guidance
  • Additional case studies

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Admin / Technology
  • TPR
  • Pension scams
  • fraud
  • The Pensions Regulator
  • Guy Opperman
  • Margaret Snowdon
  • Nicola Parish
  • PSIG

More on Admin / Technology

Hartshorn: The government and HMRC need to work together to find a solution to this issue
Mercer urges government and HMRC to clarify GMP equalisation guidance

The government must work with HM Revenue and Customs (HMRC) and the wider industry to clarify GMP equalisation uncertainties, Mercer says.

  • Admin / Technology
  • 21 January 2021
LGPS funds see increase in claims over historic transfers

Around two-thirds (77%) of Local Government Pension Scheme (LGPS) funds have received a claim relating to historic transfers over the past 12 months, according to Eversheds.

  • Admin / Technology
  • 12 January 2021
Webb: Everybody wants certainty and wants to know what they're going to have to provide and when
DWP urged to give pension funds a stronger steer on dashboard data

Schemes need more certainty over the data they will have to provide for dashboards, as the minister is expected to take a heavier stance in 2021, experts say.

  • Admin / Technology
  • 07 January 2021
The paper outlines who is responsible for managing the cyber risks faced by pension schemes
Pension scheme cyber risk - the key challenges and who is responsible

The Institute and Faculty of Actuaries' Patrick Kelliher and Vanessa Jaeger look at the key cyber risks faced by pension schemes, who is responsible for managing these risks, and how these risks may be managed.

  • Admin / Technology
  • 05 January 2021
Partner Insight: What is the cost of getting future-fit when it comes to pension technology?

The UK pensions sector is in dire need of a technology revolution – and there are plenty of forces at play to push and pull the industry into the 21st century.

  • Admin / Technology
  • 05 January 2021
blog comments powered by Disqus
Back to Top

Most read

Trustees will need to be corporate finance experts under new TPR powers
Trustees will need to be corporate finance experts under new TPR powers
Livingbridge sells Broadstone to Intermediate Capital Group
Livingbridge sells Broadstone to Intermediate Capital Group
Pension Schemes Bill gets final approval and waits for Royal Assent
Pension Schemes Bill gets final approval and waits for Royal Assent
Mark Stocker dies following cancer battle
Mark Stocker dies following cancer battle
Industry Voice: The tipping point for UK pension schemes
Industry Voice: The tipping point for UK pension schemes
Trustpilot

 

  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters
  • YouTube

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading