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Organised crime using 'rogue advisers' for pension scams warns TPR

Organised crime groups run by married couples and families are responsible for millions of pounds' worth of pension scams, a government-led taskforce has revealed

Organised crime using 'rogue advisers' for pension scams warns TPR

Organised crime groups run by married couples and families are hiring rogue advisers to run millions of pounds' worth of pension scams.

Intelligence gathered by government-led taskforce Project Bloom, which includes the National Crime Agency and The Pensions Regulator (TPR), indicates  a number of 'fraudster families' are preying on pension holders

In some cases, the success of such scams relies on families hiring rogue financial advisers, accountants or trustees with specialist pension knowledge to run large-scale scams on their behalf. 

'Trustees and administrators play a key role in preventing members from falling victim to scams by identifying suspicious requests early,' said TPR executive director of frontline regulation Nicola Parish. 

'The better they are at spotting the signs of a scam, the quicker members can be warned and we can investigate.'

At a recent meeting of the partners in Project Bloom, representatives from the Pensions Scams Industry Group reported pension providers are identifying more suspicious transfer requests than ever before, and alerting members accordingly. 

Pensions minister Guy Opperman said: 'Scammers who siphon off savings built up over decades are the lowest of the low. When you have worked hard and done the right thing, you do not expect a con artist to rob you of the future you deserve.

'We are determined to put a stop to the misery these callous crooks inflict, which is why we are supporting the work being done to stamp out pension theft.'

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