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Pensions watchdogs to share information

Group of business people holding a jigsaw puzzle pieces. Business solution integration concept. Multi ethnic group. Close up of handsThe Pensions Ombudsman and The Pensions Regulator have agreed to share information to increase their understanding of issues in the sector.

The agreement follows the FCA and TPR announcing in February they will work together on a strategy to tackle risks in the pensions sector over the next five to 10 years.

The agreement announced today aims to protect pension scheme members, supports higher standards in the industry, as well as ensuring a “safe” pensions saving environment.

The agreement came into effect in March.

It means that information around complaints handled by TPO can be shared with TPR.

TPO legal director Claire Ryan says: “TPO wishes to actively work more closely with pension stakeholders. Sharing information will not only safeguard pension scheme members, but should also help drive standards and improvements across the industry.”

TPR frontline regulation executive director Nicola Parish says: “This agreement spells out formally the way we share information to help us to tackle scams, and identify trends and emerging issues so that we can work with TPO and other partners to intervene quickly to put things right.”

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