New measures to protect pension savers and help stop scam transfers in their tracks became law on Monday 8 November.
The new regulations, which come into force on Tuesday 30 November, will mean suspicious transfers can be stopped from ending up in the hands of a fraudster, as pension trustees and scheme managers get new powers to intervene.
Minister for Pensions Guy Opperman said:
We are tackling the scourge of pension scams in practical terms to safeguard pensioners’ hard-earned savings.
These measures will provide better protection for savers.
STM Group plc (LON:STM) is a multi-jurisdictional financial services group listed on the Alternative Investment Market of the London Stock Exchange. The Group was formed as a strategic investment company specifically to build a leading financial services group originally operating in the international corporate and trustee service provider (CTSPs) sector.