The Work and Pensions Select Committee published its report on “Protecting pension savers - five years on from the pension freedoms : Pension scams”.
Yvonne Braun, Director of Long-Term Savings and Protection at the Association of British Insurers said:
“Pension scams have caused untold misery for tens of thousands of people and this report makes many helpful recommendations which we warmly welcome.
“Efforts to combat and deter fraudsters must be stepped up urgently by the authorities to change fraudsters’ risk / reward trade-off. Fraudsters are also increasingly using online channels and social media, and we strongly support including financial scams in the Online Safety Bill. Until legislation is in place, we also agree that social media platforms should immediately remove content at a regulator’s request to protect consumers from financial scams.”
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