Legislation approved to boost internet safety has not answered numerous calls for the inclusion of economic harm and scams from the finance industry.
Warnings from pension companies to savers who are looking to transfer their pension somewhere that does not look right are often ignored, says Phoenix Group.
Trustees need to be given the choice to directly refuse pension transfers if the industry is to properly plug the proliferation of scams, the Work and Pensions Committee (WPC) has been told.
The Pension Scams Industry Group (PSIG) has today (10 June) called on the Financial Conduct Authority (FCA) to consider further interventions to protect pension scheme members from scams.