Pension Scams

Baroness Gardner of Parkes Excerpts
Wednesday 14th October 2020

(3 years, 6 months ago)

Lords Chamber
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Baroness Stedman-Scott Portrait Baroness Stedman-Scott (Con)
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I say to the noble Lord that the Government must look into these matters. It is a great concern that people from BAME communities should be disadvantaged in such a way, and we will certainly do that.

Baroness Gardner of Parkes Portrait Baroness Gardner of Parkes (Con) [V]
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My Lords, most of the people who I meet who have suffered badly from these scams are, surprisingly, older people who have always been efficient and capable at dealing with their own affairs. Is there any way that the Government can keep these people up to date so that they know to avoid the scams that are currently around?

Baroness Stedman-Scott Portrait Baroness Stedman-Scott (Con)
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It is a great tragedy that these scammers are so clever and such ruthless people. The Government passed legislation in 2015 making it a requirement that all people take advice, and we have banned cold calling, but there is a recognised need for more action to address this issue. It is important that people take advice from the Money and Pensions Service but I am sure that in the Project Bloom activity more communication will come out to people. I hope that this will help.