Pension scams are among one of the most damaging forms of financial fraud. Fraudsters trick savers into transferring their pension pots into bogus schemes, often leaving victims with no way to recover their losses.
The new proposals would mean that where there is no clear link between a saver and the SSAS scheme they are transferring into, a new warning flag would be triggered, enabling the transf...
The government's proposal to combat pension scams reflects a growing recognition of the devastating impact financial fraud has on individuals' retirement security. At its core, this initiative seeks to preemptively block suspicious transfers while reducing friction for legitimate ones—a balancing act that underscores the tension between security and convenience in financial regulation. The emphasis on coordination between regulators, law enforcement, and industry stakeholders suggests an acknowl...