The Pension Scams Industry Group, first established in 2014 to help protect pension savers from fraud, deception and further unethical practices, has relaunched with updated identity, mission statement and digital presence.
According to a statement by PSIG, the relaunch reflects the changing nature of pension scams and the need for a coordinated, sustainable industry response.
It follows from PSIG’s 2024 industry consultation, which highlighted the need for the organisation to develop a more resilient and sustainable model for the future.
Since the consultation, PSIG has developed a new supporter model, moving away from a structure reliant on privately funded volunteer support and instead inviting contributions from industry organisations that share a commitment to protecting pension savers.
A key part of PSIG’s next phase is also an updated Code of Good Practice, with publication currently planned for October. The updated code will look to provide refreshed guidance for organisations working to prevent pension scams and help promote greater consistency in identifying and responding to emerging risks across the sector.
PSIG chair Margaret Snowdon says: “Pension fraud continues to have a devastating impact on savers, with criminals constantly adapting their tactics to exploit vulnerabilities and undermine confidence in retirement provision. PSIG was established to help the industry respond to this challenge, and our purpose remains as important today as it was when we began.”
PSIG will continue to be involved in The Pensions Regulator’s Pension Scams Action Group and will also expand its focus on emerging scam risks, industry research and sharing good practice across the sector.