TISA calls for increased public awareness and better education around pension scams
TISA, the investments and savings membership association, welcomes the Department of Work and Pensions and the Treasury’s consultation and proposals in considering ways to tackle the threat of pension scams.
TISA believes that whilst there is clearly a need for increased public awareness, we must also consider those who are aware of such practises, yet do not possess the knowledge to realise they are being targeted. Results of a recent Citizens Advice Bureau survey showed that 75 per cent of people felt confident they could spot a scam, yet only 12 per cent selected the legitimate pension help on offer, when presented with three options.
Adrian Boulding, Policy Strategy Director at TISA said:
“Evidence shows that scam incidents are continuing to rise, despite them being increasingly publicised in the media. This can be extremely damaging to consumer confidence in the wider pension system. Scams will continue to evolve, for instance, since the introduction of Pension Freedoms, schemes and administrators have experienced an increase in investment linked scams and suspicious transfer requests, where the over 55 group is targeted.
“TISA believe that we have to find a way of successfully educating consumers not just to the fact that scams exist but also to enable them to understand what constitutes a scam, as so many of these appear entirely legitimate. We welcome the proposed measures however we also acknowledge this is not a silver bullet and as the industry’s anti-fraud measures evolve, new scams will also evolve. We need monitoring and education to be an ongoing exercise, to ensure consumers don’t get left behind when new scamming approaches are introduced.”
For further information please contact:
Alistair Kellie – Telephone: 0207 680 6558 / Email Alistair.Kellie@newgatecomms.com
Sara Neidle – Telephone: 020 7680 6550 / Email Sara.Neidle@newgatecomms.com
Jessica Hodson Walker- Telephone: 020 7680 6538 / EmailJessica.HodsonWalker@newgatecomms.com
Email: TISA@newgatecomms.com
Notes for Editors
TISA is a unique, consumer focused membership organisation. Our aim is to improve the financial wellbeing of UK consumers by aligning the interests of people, the financial services industry and the UK economy. We achieve this by delivering innovative, evidence based proposals to government, policy makers and regulators.
TISA’s growing membership comprises over 160 firms involved in the supply and distribution of savings and investment products and services. These members represent all sectors of the financial services industry, including asset managers, insurance companies, fund managers, distributors, building societies, investment managers, third party administrators, FinTech, consultants and advisers, software providers, financial advisers, pension providers, banks and stockbrokers.
Current themes of TISA policy work include:
• Brexit: developing proposals for government that will enable the savings and investments sector to prosper on a global scale
• Digitalisation: a digital identity for consumers of financial services, innovation, standards and data responsibilities
• ISA’s: LISA, simplification of the regime
• Retirement saving: the Auto Enrolment review, self-employed and pension tax relief
• Housing: the use of property to supplement retirement income
• Guidance: developing a framework and services to make guidance more widely available
• Education: supporting the education of young people to make them aware of the impact of finance on their life.
TISA also provides support on a range of operational and technical issues targeted at improving infrastructure and processes, standards of good practice and the interpretation and implementation of new rules and regulations. TISA has a successful track record in working cooperatively with government, regulators, HMT, DWP and HMRC to improve industry effectiveness by reducing cost and risk and to enhance customer outcomes. This work currently includes: MiFID II, CASS, the UK Fund Settlement initiative and Payments Strategy Forum. TISA Exchange (TeX) is providing a model for transfers and re-registrations.
Website: www.tisa.uk.com