Former TPO chair writes to Committee on benefits of Pensions Dishonesty Unit amid loss of government funding
The Pensions Ombudsman's (TPO) former Interim Chair Anthony Arter has written to the Work and Pensions Select Committee regarding the Department for Work and Pensions' (DWP) decision to end funding for TPO’s Pensions Dishonesty Unit (PDU). The letter was prompted by the Committee’s interest in the work of the PDU, established by Arter in his former role as the Pensions Ombudsman in November 2021. Arter notes that PDU determinations have resulted in sanctions whereby individuals are banned from acting as directors and are prohibited from holding trusteeship roles in the future. In cases where an individual has filed for bankruptcy, a finding of dishonesty means they cannot be discharged until the required repayments are made. According to Arter, holding fraudsters accountable in a public manner not only validates the loss and suffering of the affected members but also contributes to a reduction in future scams by curtailing fraudsters' abilities. Additionally, Arter sees TPO as playing a vital role by collaborating with agencies such as the Pensions Regulator and Action Fraud to combat pension scams. The letter emphasises that with improved public finances in the future, it is hoped that additional funding would continue such important work. Arter notes that among pension complaints, losing one’s entire savings due to a scam ranks as one of the most severe.