Increase follows in the wake of the November 2021 changes to pension transfer rules
XPS research revealed higher-value pensions are much more likely to be targeted
Just 400 schemes and organisations have so far signed the pledge
Trustees lack confidence the new regime will work and are uncertain as to the process
Government proceeds with plans to enhance ability to tackle scams in suspect situations
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Research found the majority of savers ignored unsolicited financial advice they had received
Transfer values rose sharply during July, while transfer activity dipped slightly over the month
Scam activity dropped during June, but remains high with 55% of transfer showing a red flag
XPS has called the increase “disappointing” and called for robust management from trustees