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MORE POWER NEEDED BY REGULATORS IN THE FIGHT AGAINST PENSION LIBERATION
2 MAY 2013
The case for strengthening the powers of The Pensions Regulator (TPR) to fight against the increase in Pension Liberation was made by the TPR Chairman Michael O’Higgins at the recent regulation conference of the National Association of Pension Funds.
The fight against pension liberation scams would be easier if The Pensions Regulator (TPR) had more power to act against offending firms, its chairman Michael O’Higgins has said.
Speaking at the National Association of Pension Funds regulation conference, O'Higgins said it would be easier to soften the impacts of liberation schemes on consumers if TPR had the power to force pension liberation outfits to return customers to their previous financial positions.
He said: "We can only act after the fact, and make people aware of the issue.
"It might help if we had the power, as the Financial Conduct Authority (FCA) does, to put things back to the way they were. This doesn't help if the money has left the jurisdiction, but could go some way."
O'Higgins (pictured) added that there might be actions HM Revenue & Customs (HMRC) could take to help prevent scheme members being duped by the scams.
"HMRC required schemes to be registered with it until A-Day. We now have to decide whether this is worth doing again."
He urged scheme managers and trustees to inform TPR if they have any suspicions about a member's transfer request.
He said: "Refer it to TPR as the same names keep popping up. We are gathering all the marketing information that we can, but these people keep forming new companies."
O'Higgins said there have been "frequent downloads" of the regulator's scorpion-branded information pack on pensions liberation, and its trustee leaning tool on the issue.
Thank you to IFAOnline .
THE PENSIONS ADVISORY SERVICE ADDS NEW MATERIAL
7 May 2013
In recognition of the growing number of pension savers The Pensions Advisory Service (TPAS) have updated and added to, the material that can be found at their website to help the growing number of users and visitors accessing information and publications. The newly revised series of factsheets provide more detailed information on topics such as income drawdown, the annual allowance and taking lump sum payments. These spotlights can be found on the publications page.
CIPP Policy News Journal
16/04/2014, Page 422 of 519
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