Pension scams

Independent governance committees (IGCs) may see their remit expanded to include reporting on social investing issues under Financial Conduct Authority (FCA) plans unveiled in its business plan today.

A man has been arrested on suspicion of fraud after The Pensions Regulator (TPR) and the police launched an investigation over concerns savers were lured into poorly-run pension schemes.

Some 79% of people would like to see stricter rules and checks to ensure pension pots are secure, according to a survey by the Pensions and Lifetime Savings Association (PLSA).

Swift action to ban cold-calling has been promised by the government in a bid to stem the flow of pension savers being lured into scams.

This week's top stories included the government suggesting it may review the order of creditors in an insolvency event, and Barclays defending plans to move responsibility for its DB scheme to its investment banking arm.

Four scammers have been told to pay back £13.7m after luring 245 pension savers to transfer funds to 11 bogus schemes.

The government and the industry "need to work in partnership" to enable savers to take control of their future, pensions and financial inclusion minister Guy Opperman has said.

A ban on pensions cold-calling will be in place before the start of the next decade, a Treasury minister has told the Work and Pensions Committee (WPC).

Cases of suspected scams are the most common reason for The Pensions Regulator (TPR) using its section 72 power to demand information from companies or pension schemes.

The Pensions Regulator (TPR) has banned three people from serving as pension trustees after around £9m was suspected of being scammed from 346 savers.