TISA welcomes combating pension scams industry code
Commenting on the publication today by The Pension Scams Industry Group (PSIG), of Version 2.0 of Combating Pension Scams – A Code of Good Practice, Renny Biggins, TISA Retirement Policy Manager said:
“With pension savers having lost an estimated £1billion to pension scams, it is imperative that industry and government put in place a framework to increase public awareness and help schemes combat this abhorrent activity. We welcome the updated industry Code of Practice and would encourage all schemes to review the document and extract relevant parts to assist in the creation of stringent operational procedures. We now await details of the regulations underpinning the cold calling ban and whilst these initiatives will not eradicate pension scams, they are a significant step in the right direction – it is an area where we constantly need to maintain momentum.”
TISA is a Board Member of The Pension Scams Industry Group.
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Please see the code here
Issued on behalf of TISA by Atlas Partners, for further information please contact:
Sarah Evans, telephone: 020 7183 7154 or 07523 609413, email sarah.evans@atlas-partners.co.uk
Email: tisa@atlas-partners.co.uk
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 more than 190 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 Trading & Settlement initiative and Payments Strategy Forum. TISA Exchange (TeX) is providing a model for transfers and re-registrations.