PIMFA welcomes enhancements to consumer protection in Work and Pensions Committee Report
PIMFA, the trade association for wealth management, investment services and the investment and financial advice industry, has welcomed the enhancements to consumer protection laid out in the new Work and Pensions Committee Report 'Protecting pension savers - five years on from the pension freedoms: Pension scams'.
Liz Field, PIMFA's CEO, comments: “In order to ensure that savers can transact safely and with confidence with their hard-earned pension savings, we are pleased that the Committee have supported our recommendation that the government should include financial harm within the Online Safety Bill.
"Savers cannot continue to be liable to lose their life savings because of what amounts to regulatory shades of grey and the government must act to both empower the Regulator, as well as place a duty of care on tech providers to undertake proper due diligence on adverts and remove harmful ads where appropriate.
"This, in partnership with the government’s forthcoming policy on financial promotions will be a welcome step in enhancing consumer protections, increasing confidence as well as reducing individual claims on the Financial Ombudsman Service and Compensation Scheme.”