20 December 2024
The Pensions Scams Industry Group (PSIG), which was established in 2014 to help protect pension scheme members from scams, today announced the feedback from their recent consultation – ‘Evolution or Extinction’. The consultation, which ran from May to September of this year, was to determine the future of the organisation. It targeted pension trustees, advisers and administrators, as well anyone else with an interest in protecting pension scheme members from scams.
Commenting, Chair of PSIG, Margaret Snowdon OBE said: “This year marked our 10th anniversary, so it was really important for us to assess our accomplishments and, importantly, where the industry wants us to head in the future. Whilst it’s always been clear that the industry values our work and the significant contribution we have made in combating scams, it was crucial to gather more detailed insights.”
Snowdon continued: “Feedback on the consultation shows that our Code of Good Practice is not only widely used but also highly valued. It’s evident that the industry supports our continued efforts and focus on scams and has a specific desire for us to adopt a more dynamic approach. Key suggestions include; more active lobbying of government and regulators, the creation of a more interactive information hub, and an emphasis on increased speed. Additionally, many respondents expressed interest in a more comprehensive menu of services provided such as training, webinars and accreditation schemes.
“Overall, the response has been encouraging, we are pleased that our work is valued, and we are grateful to those who took the time to respond. However, we are disappointed that the industry is not yet ready to provide funding for our operation – particularly given the interest in even more services, all of which require resources. Our group is made up entirely of volunteers who dedicate their time and expertise at their own cost. This is a significant commitment and involves a considerable amount of work, but a lack of operational support holds us back. To be more proactive and professional, as requested by the respondents to our survey, we need more support.
“As we enter 2025, we remain committed to publishing an updated version of the Code of Good Practice, will continue to contribute to the multi-agency Pension Scams Action Group and to offer our Pension Scams Industry Forum. We will review our options during the year and come back to the industry with a proposal on the way forward.”
You can read the full consultation response here.
– Ends –
