Pension Scams Industry Group Code of Practice

10 changes have been made to the Pension Scams Industry Group (PSIG) voluntary code of practice today 10^th June.

10 main changes to the code are;

• Ban on cold calling
• The rise of claims management firms
• FCA Letter: Managing the risks of defined benefit to defined contribution transfers
• FCA, TPR and The Pensions Advisory Service joint protocol
• The Pensions Ombudsman determinations updates and implications
• The Pensions Regulator (TPR) and FCA’s ScamSmart campaign and TPR’s threat assessment update
• Revised Action Fraud reporting guidance
• Launching the Money and Pensions Service
• PSIG’s scams survey pilot 2018
• Additional case studies

The changes have been made to regulatory and legislations that have affected the pension industry over the last year and applies to all transfer requests.  

The changes provide help and advice to protect members from scammers and how trustees and providers can identify suspicious activity and alert regulators.

The FCA’s ScamSmart programme has already prevented £33 million being scammed last year. The new code will guide providers and explain how they can stop members losing their funds to these scammers.

Read The Pension Scams Code of Practice