View more on these topics

Raids and arrests in suspected £18m pension fraud case

Handcuffs Justice Guilty 480The Pensions Regulator has opened an investigation into a case of suspected pension fraud worth £18m.

The regulator believes some 370 people have been scammed into moving their savings into eight supposedly illegitimate pension schemes.

In a joint operation between TPR and Essex Police two residential addresses in Essex were searched last week. A business address was also searched.

TPR says four people, three men and one woman, were interviewed under caution and a further two men were arrested and questioned, all on suspicion of fraud offences.

They were then released while the regulator continues the investigation.

It says there is evidence members’ funds were passed on to companies connected to the suspects.

The scheme under innvestigation was flagged by legitimate schemes after members started making requests to transfer.

Nicola Parish, TPR executive director of frontline regulation says: “The legitimate schemes in this case did the right thing by raising their concerns with us and stopping their members transferring out and potentially losing their life savings in what we believe to be scams.”

Her message for scheme members is: “If you are trying to transfer out of a pension scheme and your existing scheme is raising concerns you should listen to them. They are protecting your pension and any red flag warning signs should be taken very seriously.”

Last week, in another part of this investigation, TPR’s Determinations Panel suspended nine people from acting as trustees for 12 months and appointed an independent trustee to the eight schemes at the centre of the investigation.

Recommended

AJ Bell adds entire share capital to Stock Exchange

The entire ordinary share capital of platform and fund provider AJ Bell has now been admitted to the London Stock Exchange, the firm has announced. Following the firm’s decision to set a price for its initial public offering last week, it has confirmed this morning that its entire ordinary share capital, consisting of 407,055,994 ordinary shares […]

Tapering of annual allowance – adjusted and threshold income

The definitions of adjusted income and threshold income used to determine whether, and to what extent, someone’s annual allowance will be reduced can be confusing.  Here we try to make sense of it all. The annual allowance will be reduced for high income individuals from 6 April 2016.  Our previous article Tapering of annual allowance […]

Standard Life Aberdeen co-chiefs up stakes in company

The co-chief executives of Standard Life Aberdeen have bought additional shares in the company, stock exchange announcements show. Martin Gilbert purchased 50,000 shares in the company at 237.7p a share yesterday, while Keith Skeoch purchased 50,000 shares at 233.6p a share on Wednesday. This means the pair spent a combined £230,000 on the shares. Standard […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Is there not in place a rule (or at least pretty clear regulatory guidance) requiring providers to refuse to release any monies unless they’ve been able to verify beyond reasonable doubt the bona fides (such as an HMRC approval reference) of any scheme from which they’ve received a transfer request?

    I seem to recall having read reports of at least two providers operating on this basis. Why has the FCA failed to mandate that this shall be standard practice across ALL providers?

  2. I thought that this was standard practice 20 years ago.

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com