Pension Scams

Baroness Altmann Excerpts

Wednesday 14th October 2020 Lords Chamber

[Baroness Altmann (Con)]

My Lords, I declare my interests as listed in the register. I know that my noble friend is sympathetic on this issue. Will the Government consider establishing a central intelligence database to offer providers an early warning system for scams and help potential scam victims? Can my noble friend comment on any plans to centralise the confusing array of bodies for protecting consumers, including ScamSmart, Action Fraud, the police, regulators and Project Bloom?

[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”.