Owen Smith – 2015 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Owen Smith on 2015-11-03.

To ask Mr Chancellor of the Exchequer, how much the Government has spent on raising awareness of scam activity associated with pension freedoms.

Harriett Baldwin

Monitoring the market for pension scams is the responsibility of the Financial Conduct Authority (FCA) and the Pensions Regulator (TPR). The Government remains in close contact with the regulators, and other organisations such as industry trade bodies, on these issues.

The FCA has launched a new consumer awareness campaign around investment scams, ScamSmart. The Pensions Regulator runs the Scorpion campaign, which includes videos, action packs, leaflets and guidance, helping to raise awareness of the threats posed by scams amongst trustees, business advisers and individuals. These play a crucial role in helping to stop scams by arming consumers with the information they need to protect themselves.

In addition Pension Wise specifically alerts consumers to scams in guidance sessions and through their website.