A consultation to decide the future of the Pensions Scams Industry Group (PSIG) has found that while the volunteer-led body is greatly valued, the pensions industry is not yet ready to provide funding for the operation.
Responses from pension trustees, advisers, administrators and anyone interested in fighting against pensions scams, confirmed that the PSIG Code of Good Practice is widely used and highly valued.
Margaret Snowdon, chair of PSIG, said: “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 [from respondents] 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.”
PSIG was set up in 2014 to help protect pension scheme members from scams. Leaders of the organisation launched the consultation, titled ‘Evolution or Extinction’, to assess its accomplishments and find out where the pension industry wants it to head in the future.
Snowdon said: “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.”
‘Disappointment’
“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,” she continued. “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.”
For more on this consultation click here.
