The Pensions Scam Industry Group (PSIG) has said that feedback on its recent consultation was "encouraging", although it expressed "disappointment" that the industry is not yet ready to help fund its operation.

PSIG, established in 2014 to help protect pension scheme members from scams,
announced the consultation in May after the its chair, Margaret Snowdon, 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.

This revealed that PSIG's Code of Good Practice is widely used and "highly valued" in the industry, with "clear support" for the group's efforts to focus on scams.

The organisation also found that there was a specific desire for it to adopt a more "dynamic" approach".

In particular, key suggestions included more active lobbying by government and regulators, the creation of a more interactive information hub, and emphasising increased speed.

In addition to this, many respondents expressed interest in a more comprehensive menu of services, such as training, webinars and accreditation schemes.

However, PSIG described the lack of funding support from the industry as “disappointing,” warning that limited operational support is holding the organisation back, and preventing it from meeting these requests from industry.

Commenting on the feedback received, Snowdon said: "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."

Despite this, Snowdon confirmed that the group remains committed to publishing an updated Code of Good Practice version in 2025.

"We will continue contributing to the multi-agency Pension Scams Action Group and offer our Pension Scams Industry Forum," she added.

"We will review our options during the year and return to the industry with a proposal on the way forward."

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