Pensions Watchdog is pushing for plans to improve fraud reporting

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By Martin Croucher (June 15, 2022 at 3:17pm BST) — The Pensions Regulator Wednesday urged professionals in the sector to follow the example of the banking industry and improve their reporting of suspected fraud.

The regulator issued the warning as it released guidance for fiduciaries on how to better report cases where savers may have been duped by retirement plan scammers.

The government last year introduced new laws giving the regulator more powers to punish scammers for cheating people out of their life savings. In addition, new rules have been introduced requiring trustees to block transfers they deem suspicious.

Nicola Parish, Executive Director of Frontline Regulation at TPR,…

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