Victims of Scams
Fraud is the most prevalent crime in the UK. The total cost of fraud is now estimated to exceed
£200bn per year. For context, that figure:
These staggering numbers often mask the horrors that sit behind them. Too often I speak to people who have lost money to fraud and we forget the emotional impact every single fraud has on each of its victims.
All victims of fraud are equally deserving of our concern, but the impact on pension savers is particularly devastating. Many victims not only lose their pensions savings, but the hopes and dreams of a lifetime's work. Pension savings are the ultimate backstop and losing them can drastically change a retiree’s standard of living.
The Birth of PSIG
It is for this exact reason the Pension Scams Industry Group (PSIG) was formed. What began as an idea in Margaret Snowdon's mind 10 years ago has now grown into a vital organisation dedicated to protecting pension savers from fraud. PSIG's Code of Good Practice is the industry standard for identifying and preventing pension scams and its Industry Forum has over 80 participant firms.
PSIG Now Needs Your Help
PSIG has spent its entire existence helping pension schemes to safeguard their members' savings. Now, it needs help from you!
The organisation is run entirely by volunteers who give their time and resources. However, to continue its vital work, PSIG requires broader industry support and funding.
PSIG Consultation
Ultimately, PSIG is an industry body and in order to thrive it needs a mandate from the pension industry to ensure it continues tackling scams effectively.
With that in mind, PSIG has launched a Consultation. “Evolution or Extinction” comprises two key parts. The first part focuses on PSIGs offering and is seeking input from the industry on the direction PSIG should take next. The second part focuses on potential funding options.
Call to Action
With that in mind, please do take the time to respond to the Consultation. When doing so, please remember the people behind the statistics - those who have lost everything to pension scams.
Your input can help ensure that PSIG provides you with the resources and support you need to help protect those pension savers from the devastating impact of scams.
Together, we can make a difference.
Rob O'Sullivan - PSIG
