Trustees are expected to report if:
- they believe a scam has already happened;
- a red flag is raised when making a transfer; or
- they suspect a scam may be taking place or have suspicions about those involved.
In England, Wales and Northern Ireland, reports should be made to Action Fraud through the Export Reporting Tool and, where relevant, to tPR and FCA. Victims living in Scotland should be asked to call Advice Direct Scotland or Police Scotland.
A significant increase in transfers advised by same adviser should also be reported to the FCA.
In addition, tPR expects trustees to report if the requirements for a statutory transfer are met but the warning signs of scam are too strong for the trustees to feel comfortable with any course of action other than refusing the transfer.
The guide can be accessed via a link in the recent tPR blog.
Authored by the Pensions Team.