The Pensions and Lifetime Savings Association (PLSA) has today (Tuesday) commented following the launch of the Financial Conduct Authority’s (FCA) and The Pensions Regulator’s (TPR) campaign to combat pension scams, and on new figures which show scam victims lose an average of £91,000 each.
James Walsh, Policy Lead: Engagement, EU & Regulation, at the Pension and Lifetime Savings Association (PLSA), said:
“With people losing tens of thousands of pounds to pension scams on average, it’s vital we keep up the battle against scammers and raising public awareness is a key part in this fight.
“Together with the forthcoming cold-calling ban and the revised code of practice from the Pension Scams Industry Group (PSIG), this campaign is a crucial step towards protecting savers from being hoodwinked into high-risk or fraudulent investments.
“However, none of these initiatives is a silver bullet. Scammers are very quick to adapt their methods, so we must remain vigilant if we are to help keep savers safe. We continue to call on the Government to introduce an authorisation regime for pension schemes. This would give people confidence that their pension scheme is a legitimate home for their retirement savings.”
NOTES TO EDITORS
The Pension Scams Industry Group (PSIG) code can be found on the PLSA website here.
The PLSA’s research on pension scams can also be found here.
Robyn Margetts, Head of Media and PR, Pensions and Lifetime Savings Association
T: 020 7601 1726, M: 07713 073023, E: [email protected]
Steven Kennedy, PR Manager, Pensions and Lifetime Savings Association
T: 020 7601 1737, M: 07713 073024, E: [email protected]
Kathryn Mortimer, Press Officer, Pensions and Lifetime Savings Association
T: 020 7601 1748, M: 07901 007 713, E: [email protected]