Pension Scams
Debate between Baroness Stedman-Scott and Lord Loomba(4 years, 1 month ago)
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Baroness Stedman-Scott (Con)
I assure my noble friend, and indeed the whole House, that this issue is very high on the Government’s agenda. It is what we would call work in progress. We have established Project Bloom, which brings together all finance organisations, the regulator and pension providers to see what can be done and to work collaboratively. The Minister for Pensions met representatives to hear their thoughts on what the industry and Government can do. I would say, “Watch this space”.
Lord Loomba (CB) [V]
My Lords, I welcome this timely report by the Police Foundation and The People’s Pension. The scale of loss is staggering, as bogus companies can set up to instigate the frauds and are often closed quickly to avoid detection. What are the Government doing to strengthen checks on company registration so that only genuine companies are able to trade?
Baroness Stedman-Scott (Con)
The noble Lord makes a very good point. I think that I will need to write to him with the detail of those checks.