The Pensions Scams Industry Group (PSIG), established in 2014 to help protect pension scheme members from scams, has announced the feedback from its recent consultation on the organisation's future.

The consultation, "Evolution or Extinction," was initially published in May after the organisation's chair declared it "unsustainable in its current form."

Since then, it has gathered views from pension trustees, advisers, administrators, and others helping protect members from scams on the value provided by PSIG, its possible future direction, and how this could be achieved, including potential funding options.

Commenting on the feedback received, PSIG chair, Margaret Snowdon OBE, said the response had been "encouraging".

"This year marked our 10th anniversary, so it was really important for us to assess our accomplishments and, importantly, where the industry wants us to head in the future. While it's always been clear that the industry values our work and our significant contribution in combating scams, it was crucial to gather more detailed insights.

"Feedback on the consultation shows that our Code of Good Practice is widely used and highly valued. It's evident that the industry supports our continued efforts and focus on scams and has a specific desire for us to adopt a more dynamic approach. Key suggestions include more active lobbying by government and regulators, the creation of a more interactive information hub, and emphasising increased speed. Additionally, many respondents expressed interest in a more comprehensive menu of services, such as training, webinars and accreditation schemes.

"Overall, the response has been encouraging; we are pleased that our work is valued and grateful to those who took the time to respond. However, we are disappointed that the industry is not yet ready to fund our operation – particularly given the interest in even more services and all required resources. Our group comprises entirely volunteers who dedicate their time and expertise at their own cost. This is a significant commitment and involves considerable work, but a lack of operational support holds us back. To be more proactive and professional, as requested by the respondents to our survey, we need more support.

"As we enter 2025, we remain committed to publishing an updated Code of Good Practice version. We will continue contributing to the multi-agency Pension Scams Action Group and offer our Pension Scams Industry Forum. We will review our options during the year and return to the industry with a proposal on the way forward."

---