Trustees get power to block 'red flag' scam transfers

clock • 3 min read
Trustees get power to block 'red flag' scam transfers

Enhanced powers for trustees to block or pause transfers where there is potential scam activity will come into force on 30 November, the government has confirmed. In a bid to cut down on scam and fraudulent activity, the Department for Work and Pensions  has confirmed it will go ahead with "red" and "amber" flag proposals. Outlined in a consultation earlier this year, a red flag would allow trustees and scheme managers to completely block a transfer request where there are "tell-tale si...

To continue reading this article...

Join International Investment

Join International Investment today

Unlock members-only benefits:

  • Unlimited access to real-time news, industry insights, video features and market intelligence
  • Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
  • Members-only access to the Editor’s weekly news roundup newsletter
  • Members-only access to analysis via our exclusive industry polls
  • Be the first to hear about our events and awards programmes

Join now


Already a International Investment member?