The Pensions Scams Industry Group (PSIG) has launched an industry-wide petition calling for a change in the way HMRC treats victims of pension and investment fraud.
It is hoping to gain widespread support from the industry in order to force a Parliamentary debate on this issue, and putting pressure on HMRC to make changes.
PSIG chair Margaret Snowdon points out that the campaign group has been campaigning for such change for a number of years, saying HMRC has failed in its oversight duties in many of these cases and it compounding problems for genuine victims of fraud, who have not only lost pension savings, but then receive hefty tax demands for breaking pension rules.
Snowdon says: “For years, we have worked closely with victims of Pensions Liberation schemes — individuals misled into transferring their hard-earned savings into fraudulent schemes. These scams, shockingly set up and registered with HMRC, reveal a significant failure in oversight and protection.
“If losing their savings, and the associated trauma, wasn’t bad enough these victims have been subject to tax charges of 55 per cent spanning over a decade. This is a gross injustice, and it is crucial that our tax policies and legislation change to better reflect the current realities of pension fraud, and its impact.”
She adds: “This has been a long fight for PSIG, and we pursue it relentlessly for the victims of this terrible crime. It’s a profound disappointment that we find ourselves in a position where a petition is even necessary to redress this injustice – but here we are.
“We are now asking industry friends to join us in asking for change by signing and sharing this petition to raise awareness, advocate for stronger protection and put right the injustice suffered by historic victims of pensions and investment scams. If we can reach 10,000 signatures it will force a debate at Westminster and a chance of change. Fraud has a devastating, often irreversible, impact on not only individuals but their whole families, they deserve our support.”
