LEBC welcomes advice to consumers to avoid pension theft

National IFA, LEBC The Retirement Adviser, welcomes the joint campaign launched today by the Financial Conduct Authority (FCA) and The Pensions Regulator to warn consumers about pension scammers.

LEBC welcomes advice to consumers to avoid pension theft

The Dashboard is a Treasury initiative designed to give everyone a complete summary of all their pensions on a digital platform. It has received widespread backing from the pensions industry, Fintech companies, and consumer groups. The project has been passed to the DWP for implementation.

The pensions industry and consumer groups now await the DWP’s report on the implementation of the Dashboard, amid rumors that the DWP have got cold feet. 130,000 individuals have signed a petition requesting that the DWP back the scheme which would give everyone a summary of all their pensions on a secure platform.

LEBC The Retirement Adviser has estimated that the Dashboard could cut the cost of advice by £400 per pension plan.

National IFA, LEBC The Retirement Adviser, welcomes the joint campaign launched today by the Financial Conduct Authority (FCA) and The Pensions Regulator to warn consumers about pension scammers.

Kay Ingram, Director of Public Policy at LEBC said: “The joint initiative, by the regulators, is welcome and the public is well advised to check the credentials of anyone who offers pension advice on the FCA register.

“The Pensions Dashboard could be the long-term solution to defeating scams and protecting savers. It is disappointing that the Department of Work and Pensions (DWP) have not yet given the green light to this initiative which could revolutionise retirement planning.

“A simple PIN only access to each person’s Pensions Dashboard would shut out the criminals who steal other people’s pensions.

“Regulated pensions advisers, the DWP and the savers themselves could be given access. Consumers would not share their PIN with anyone, just like a bank card they would learn to protect their pension savings from fraud,” said Ingram.

 

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Categories: News, Uncategorized, Viewpoint
Tags: FCA, Pensions

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