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Regulators exist to protect savers and not enable scammers.

Recommendation
Regulators exist to protect savers and not enable scammers. Where a regulator has failed in this fundamental duty they should be held accountable. We recommend that the Government review the recourse available to pension scam victims when the actions of a regulator have been beneficial to the scammer.
Paragraph Reference
114
Government Response
Acknowledged
HM Government Acknowledged
Her Majesty’s Revenue & Customs (HMRC) is currently a member of the Project Bloom Communications Group and works alongside the other members to help promote the warning signs of scams. HMRC has always co-operated with the other members of Project Bloom, exchanging information via legal gateways to help tackle those taking advantage of pension scheme members. HMRC’s formal membership of the Strategy Group ceased in 2020, after which it was represented by HM Treasury. HMRC has now formally requested to re-join the Project Bloom Strategy Group.
Source
Committee Work and Pensions Committee
Inquiry Protecting pension savers – five years on from the pension freedoms: Pension scams
Report Fifth report: Protecting pension savers—five years on from the pension freedoms: Pension scams 28 Mar 2021 HC 648
View on Parliament website
Addressee Bodies
Department for Work and Pensions
Timeline
Recommendation age 5.2 yrs
Report published 28 Mar 2021