
Publication
Regulatory investigations and enforcement: Key developments
The past six months have seen a number of key changes in the regulatory investigations and enforcement space.
United Kingdom | Publication | May 2023
The Work and Pensions Committee has published a letter from the Regulator providing an update on the effectiveness of its pledge to combat pension scams campaign, launched in November 2020. The pledge is a two-step process that commits schemes to taking action to protect members and follow the principles of the Pension Scams Industry Group (PSIG) code of good practice, and then encourages schemes to self-certify that they are fulfilling the pledge principles.
Since 2020/21 more than 600 schemes have taken the pledge, including nearly 60 per cent of Pension Scams Industry Forum (PSIF) members and master trusts. Further, 324 schemes have so far self-certified under the second step. The Regulator says it will continue to "nudge" more schemes to do so.
The letter also highlights that the Regulator has contributed to the DWP's review of the additional transfer restrictions put in place by the Occupational and Personal Pension Schemes (Conditions for Transfers) Regulations 2021. The Regulator says it continues to work to prevent scams, while not unduly restricting legitimate transfers. It intends to keep relevant guidance under review.
Publication
The past six months have seen a number of key changes in the regulatory investigations and enforcement space.
Publication
In a recent determination, the Ombudsman rejected a scheme member’s claim that the trustees should have conducted due diligence on the receiving scheme before making a transfer in in 2014, as there was no duty of care on the trustees at the time of transfer.
Publication
The Court of Appeal has confirmed that proof of disclosure to third parties is not required for data protection law breaches and that individuals’ rights are breached by unlawful “processing” alone.
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