TPR has launched a new scam-fighting strategy in light of concerns that the cost-of-living crisis may leave savers more vulnerable to scammers. TPR is concerned that individuals could be lured by offers to access their pension savings early to cover essential household bills or be attracted by fake investments offering high returns that never materialise.
Under the plan, TPR aims to educate the industry and savers on the threat of scams, prevent practices that can harm savers’ retirement outcomes, and fight fraud through the prevention, disruption and punishment of criminals.
The strategy sets out, step by step, what TPR plans to do over the next three years to address the harms it has identified. Some are continuations of existing policy, but there are new ideas to be aware of.