Martyn Day MP, SNP, Linlithgow and East Falkirk
“When the new pension flexibilities were introduced in April 2015, transparency and the quality of consumer protection that should have accompanied this move were insufficient.
“This is evident from the recent FCA report that over £30 billion has been lost to pension scammers from 2017. This white-collar crime is a significant financial loss. However, this figure does not relay the material and psychological impact that pension scamming has on its victims. These people have been robbed of income that they deferred to ensure dignity in retirement.
“I have decided to take part in the All-Party Parliamentary Group (APPG) on Pension Scams because I support efforts to protect people, and the goods and services they use. This is particularly true during these uncertain and worrying times of Brexit and the Covid-19 pandemic.
“Organised crime does not respect borders and it is essential that we can access the information systems, support and technical expertise that is available through Europol. A joined-up approach across sectors and nations is key in increasing protection for pension holders across the UK.
“I hope the APPG can be a force in giving victims of pension scams confidence that they will receive the right support and advice through the criminal justice process; reimburse them if they fall victim; make potential victims less likely to fall for ‘free pension reviews’ from fraudsters given the financial pressures Covid-19 has introduced; increase efforts to raise awareness to help prevent scamming in the first place; and ensure our financial system functions safely outside the EU.”