|The Pensions Administration Standards Association (PASA), the independent body dedicated to driving up standards in pensions administration, has unveiled its Counter Fraud Guidance for UK pension schemes, trustees and providers.
PASA is run by pragmatic , experienced and strong people and has been setting standards for the pensions industry for a quarter of a century. Their guides are mini-bibles and address the real issues that face those administering our retirement savings.
Kim Gubler, Chair of PASA launched the guide with this statement
Fraud is a pernicious problem. Along with the serious financial damage pension fraud can do to an individual or member, the bigger picture is an undermining of confidence in pensions administration and an eroding of trust in our industry.
Counter fraud guidance
The Counter Fraud Guidance is focused on encouraging organisations to ask a range of investigative questions focused on three main areas:
• The legal and regulatory landscape: Does the organisation understand the different types of fraud? Is it aware of any emerging threats and ready to react? Has it sought the relevant legal, regulatory and cyber advice?
• Understanding your organisation’s vulnerability to fraud: Does the organisation and its suppliers understand the vulnerabilities of systems and beneficiaries in respect of fraud, and the extent of risk and potential cost?
• Ensuring your organisation is resilient to fraud: What potential for fraud exists, and how can the risk this poses be reduced to an acceptable level?
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