Pensions: Fraud

The legal profession in England and Wales operates independently of government, with regulation overseen by the Legal Services Board (LSB). The Solicitors Regulation Authority (SRA) is responsible for regulating the professional conduct of solicitors and law firms. As part of its role, the SRA investigates consumers’ complaints when allegations of solicitor misconduct are made. It has a number of disciplinary powers, including the power to issue fines and refer an individual to the Solicitors Disciplinary Tribunal, which can suspend or strike a solicitor off the roll. If someone wishes to complain about the conduct of a solicitor to the SRA, they can do so via the following link: https://www.sra.org.uk/consumers/problems/report-solicitor/. The effectiveness of the SRA’s actions in this sphere is overseen by the LSB.

The Government also has a key role to play in combatting pension fraud. In particular, the Government supports the Pension Scams Action Group (PSAG), a multi-agency taskforce which includes the Department for Work and Pensions, His Majesty’s Treasury, the Financial Conduct Authority and The Pensions Regulator amongst other members. The PSAG works to improve public awareness of pension scams and share intelligence leading to enforcement and disruption activity.