To do this, Quilter pushes the government to make faster progress with the online safety bill, which was due to have already been introduced to Parliament but has been delayed.
The creation of this bill means search engines and social media platforms will have a legally enforceable duty to remove suspected scammers and scam adverts immediately on notification and improve their due diligence process so that it becomes much harder for scammers to market investment products using paid adverts.
Greer said: “The pension transfer regulations brought in 2021 have had a positive impact on highlighting scams.
“However, even with those regulations in place scams are still being perpetrated making the online safety bill an important piece of the puzzle.
“Getting retribution for a pension scam can be tricky so we should be going to the root of the problem and that starts with getting the online safety bill over the line. The government continues to risk people losing their life savings while this legislation stalls.”
When asked to comment on Quilter's findings, Action Fraud pointed FTAdviser towards the plans announced yesterday.
sonia.rach@ft.com
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