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PSIG publishes updated code of good practice on combating pension scams
PSIG has published version 2.2 of its code of good practice on combating pension scams.
The Pensions Scams Industry Group (PSIG) has published version 2.2 of its code of good practice on combating pension scams.
The updated code includes a framework document, a practitioner guide, a resources pack, a technical guide, and a summary of changes including regulatory and legal developments.
PSIG revealed the updated code primarily relates to combating pension scams, including investment scams in a pension. However, it said as many scams take place after savings have been legitimately withdrawn from pension schemes, the code also encourages communication with scheme members before they transfer or withdraw cash or drawdown from their pension pots in order to raise awareness of unsafe investment schemes.
Minister calls for schemes scam support
The Pensions Minister has today called on pension schemes to join him in the fight against the scammers targeting people’s hard-earned retirement savings.
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In a letter to around 90 different schemes, Guy Opperman said they must begin sharing scam data with the industry’s voluntary group, the Pension Scams Industry Group (
PSIG), to create a clearer picture of the scale of the issue.
Greater data sharing, used in parallel with the improved pension transfer rules in the Pension Schemes Act, will ensure savers are better protected from unscrupulous scammers.
Minister for Pensions Guy Opperman said:
British investors in the German property scheme face huge losses
Financial “experts” have been blamed for tipping wildly risky property investment schemes to their clients, after hundreds of millions of pounds was lost to the collapsed German Property Group.
Dozens of introducers were able to cream off 20pc commission payments by suggesting their customers use such schemes. Many presented themselves as experts despite their businesses being unregulated. Others were approved financial advisers who sold highly risky schemes to clients on the side. Ordinary people who followed their suggestions now have huge black holes in their finances.
About 2,000 British investors have come forward and joined the German Property Group Creditors Association, which was formed by British investors who want their money back. Investors have already collated a list of 60 different introducers in Britain, who they claim lured them into the investments.