Lawmakers Urged To Open Inquiry Into Pension Scams

Law360, London (June 29, 2020, 1:20 PM BST) -- A campaign group for transparency in financial services has urged a parliamentary committee to open a formal inquiry into pension scams, amid concerns that the number of victims of fraud has increased since the start of the pandemic.

The Transparency Taskforce has written to Stephen Timms, chairman of the Work and Pensions Committee to say the cross-bench panel is "uniquely placed" to investigate the scope of the problem.

There is no official figure for the amount of money lost in the U.K. every year from pension scams, which Andy Agathangelou, founder of the body, said was "extraordinary."

"Certainly, it is hundreds...

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