The working group will include representatives from a variety of pension administrators, as well as those with a range of related professional skills, PASA stated.
Cybercrime and Fraud is a significant issue for the Pensions Regulator, Pensions Minister and the industry as a whole, and is our members’ most immediate threat.
Estimating that there are greater than 1.6 million misplaced pension pots nationwide, every with a median worth of £23,000.
Mr Champaneria said: “We’re focused on creating transparency around data, how money is held, and how we interact with that money to drive better outcomes."
Moneybox charges an annual platform fee of 0.45 per cent for pots up to £100,000 and 0.15 per cent for pots over £100,000.
The Pensions Regulator was targeted by a total of 343,867 phishing, malware and spam email attacks in 2019, according to official data released by a Parliament Street think tank.
ABAKA, the London-based digital retirement solutions fintech, will partner up with banking software provider Avaloq and join its Avaloq.one Ecosystem.
While the system will stop short of passing judgment on organisations or individuals, schemes will be able to see information that has been considered a ‘red flag’ during due diligence processes conducted by other parties.