In research released in the summer of 2021, the Financial Conduct Authority (FCA) reported that a total of £2,241,774 had been lost to pension scammers in the period between January and May 2021. The average loss was £50,949 – more than double the average loss in the previous year (£23,689).
In many cases trustees were powerless to stop transfers they suspected involved a scam. Providing the ‘scorpion' guidance prepared by The Pensions Regulator (TPR) only went so far when trustees wer...
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