Pension watchdogs, The Pensions Ombudsman and The Pensions Regulator have agreed to share information with each other in a bid to increase both their understanding of the pensions and wider financial services sector. The agreement was expected and follows the Financial Conduct Authority and The Pensions Regulator announcing that they will be working together on a strategy to tackle pension sector risks over the next five to ten years.
The agreement, that was jointly announced this week aims to do a number of things, including protecting pension scheme members by ensuring a safe pensions saving environment as well as driving higher standards across the industry.
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."
Pension scams have been a particular problem in the UK after the launch of pension freedoms, with figures from Action Fraud, the national fraud and cybercrime reporting service, showing 991 cases have been reported since the launch of pension freedoms, involving losses of more than £22.687 million. It is hoped that the growing cooperation between The Pensions Ombudsman and The Pensions Regulator will help to curb this.