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HMRC looks to de-register 500 pensions liberation schemes


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.


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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.

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