A consultation has been launched by the Pensions Scam Industry Group to determine the future of the organisation as the way it operates is currently "unsustainable".
The consultation, ‘Evolution or Extinction’, will run from May 1 to July 31 2024 and is aimed at pension trustees, advisers and administrators as well as anyone else with an interest in protecting pension scheme members from scams.
The objective is to understand the value provided by PSIG, its possible future direction and how this could be achieved.
PSIG chair, Margaret Snowdon, said: “When PSIG launched, our intention was crystal clear - to get to such a point that we were no longer needed - that scamming had been addressed and was no longer a serious threat.
“We have been tremendously successful. We developed and launched our first Code of Good Practice in 2015 and have continued to update and maintain it.
“It is regarded as the ‘go to’ standard by the industry as well as authorities.”
Snowdon acknowledged that it is “critical” for good governance to assess if what PSIG is doing is beneficial, fit for purpose, and valued.
She added that PSIG has “set the standard” and so now need to decide whether it has done enough, whether it can continue its work, or whether it needs to develop this work further.
However, Snowdon warned that, without a basic infrastructure, the burden on the group’s volunteers is “considerable”.
She added that PSIG is “ultimately unsustainable” in its current form.
To continue to address the evolution of scamming on behalf of the industry, Snowdon called for resources and urged the industry to complete the survey and feedback to the group.
Snowdon said: “Unfortunately what is often the case, in many industries, is that the value of an independent body can often become taken for granted, simply because people do not understand the level of the commitment required and the volume of work involved.
“We are willing to keep going, we want to keep protecting members from losing their hard-earned pensions by helping the industry to combat the scammers, but we need more help.
“It’s really up to the industry to decide.”
The consultation comprises two parts, the first covering the potential value offered by PSIG and the second covering potential funding options.
tom.dunstan@ft.com
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