View more on these topics

HMRC looks to de-register 500 pensions liberation schemes

HMRC-Building-700x450.jpg

HM Revenue & Customs is set to de-register up to 500 pension liberation schemes as part of an initiative known as Project Bloom.

Speaking at a Financial Conduct Authority conference on financial crime today, FCA manager of intelligence interface Felicity Johnson said HMRC is poised to act against a large number of schemes it is not happy with.

She said: “HMRC is reviewing its registration procedures for providers and will shortly be deregulating 400 to 500 dubious providers.” 

She said the FCA is also reviewing activity by Sipp providers in pensions liberation.

Project Bloom is a joint effort to tackle liberation fraud by the FCA, The Pensions Regulator, police, the Serious Fraud Office and many other organisations.

In May, City of London Police dismantled a suspected organised crime gang believed to be cold-calling and text messaging people across the UK with fraudulent pension liberation offers.

Providers have also attempted to tackle the problem by delaying or blocking transfers to schemes they suspect are being used for pension liberation.

Recommended

Ex-Skandia investment head Graham Bentley joins Axa Wealth

Former Skandia head of proposition Graham Bentley is joining Axa Wealth as interim head of fund group relations. Bentley will be responsible for delivering Axa Wealth’s customer and adviser investment propositions, and ensuring the company secures good commercial terms for investors. He will join Axa Wealth tomorrow, ahead of a permanent appointment of head of […]

Miton boosts equity income presence with PSigma acquisition

Miton Group is acquiring PSigma Asset Management in a deal worth up to £13m that will bring respected equity income manager Bill Mott under the same roof as small cap specialist Gervais Williams. Miton will pay between £6.75m and £13m in a mixture of cash and ordinary shares to parent company Punter Southall Group, with […]

3

Transact marketing head Malcolm Murray to leave

Transact head of marketing Malcolm Murray is to leave the business. Murray has announced today that he will return to running his own consultancy firm. He joined Transact in 2000 originally as a consultant. He will leave the platform officially on 10 July. Murray says: “I have been fortunate to be an integral part of […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Julian Stevens 1st July 2013 at 7:15 pm

    Given that what all these pensions liberation firms are doing is fundamentally illegal, how did they get registered in the first place? Registered on what? And registered to do what?

  2. @ Julian Stevens

    It is shockingly easy to set up an OPS with HMRC these days.

    Its a simple online application – no need to send in rules for approval like the good old days.

    Hence the boom in these liberation schemes.

Leave a comment