PIMFA welcomes enhancements to consumer protection laid out in new Work and Pensions Committee Report on pension savers and scams

26 March 2021

PIMFA welcomes enhancements to consumer protection laid out in new Work and Pensions Committee Report on pension savers and scams

PIMFA, the trade association for wealth management, investment services and the investment and financial advice industry, welcomes the enhancements to consumer protection laid out in the new Work and Pensions Committee Report ‘Protecting pension savers – five years on from the pension freedoms: Pension scams’.

Liz Field, PIMFA’s CEO commented:

“‘In order to ensure that savers can transact safely and with confidence with their hard-earned pension savings, we are pleased that the Committee have supported our recommendation that the government should include financial harm within the Online Safety Bill.

“Savers cannot continue to be liable to lose their life savings because of what amounts to regulatory shades of grey and the government must act to both empower the Regulator, as well as place a duty of care on tech providers to undertake proper due diligence on adverts and remove harmful ads where appropriate.

“This, in partnership with the government’s forthcoming policy on financial promotions will be a welcome step in enhancing consumer protections, increasing confidence as well as reducing individual claims on the Financial Ombudsman Service and Compensation Scheme.”

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Notes for Editors:

About PIMFA – The Personal Investment Management & Financial Advice Association

• PIMFA is the trade association for firms that provide investment management, investment services and advice to everyone from individuals and families to charities, pension funds, trusts and companies.
• The sector currently looks after £1.65 trillion in private savings and investments and employs over 63,000 people.
• PIMFA represents both full and associate member firms. Full members provide a range of financial solutions including financial advice, portfolio management, as well as investment and execution services. They assist everyone from individuals and families, to charities and pension funds, all the way to trusts and companies.  Associate members provide professional services to the PIMFA community.
• PIMFA leads the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the wealth management, investment advice and financial planning arena. Our mission is to create an optimal operating environment so that its member firms can focus on delivering the best service to clients, providing responsible stewardship for their long-term savings and investments.
• PIMFA has made numerous recommendations to the FCA regarding the Future of Advice, the Future of Supervision and the FSCS levy – read more.
• PIMFA was created in 2017 as the outcome of a merger between the Association of Professional Financial Advisers (APFA) and the Wealth Management Association (WMA) with a history as a trade association since 1991 – read more.
• Further information can be found at www.pimfa.co.uk

Contact

For further information on this release or other press matters please contact:

• Matthew West, PIMFA PR Manager – MatthewW@pimfa.co.uk, +44 (0)20 7382 0376 / +44 (0) 7843 903258
• Sheena Gillett, PIMFA Communications & PR Director – sheenag@pimfa.co.uk, +44 (0)20 7011 9869 / +44 (0)7979 493225