Actuaries get whistleblowing phone hotline
Thursday 23 January 1997
The Pensions Act 1995, a result of the Maxwell scandal, becomes law on 6 April and will protect actuaries and scheme auditors who wish to give information on a confidential basis.
The Occupational Pensions Regulatory Authority, which formally starts work in April, also made clear yesterday that it expected to be tipped off about a wide range of minor problems found in pension schemes.
Opra does not want its informants to restrict themselves to suspicions of serious wrongdoing such as fraud or to communicate only through lawyers.
Opra said this was so that it could use the information about minor problems to see if it could identify patterns of behaviour among pension schemes that had difficulty complying with the new Pensions Act.
A spokesman said: "We want to avoid a situation where the only things reported to us are heinous crimes that are obviously breaches."
With more than 200,000 pension schemes to oversee and no powers to require annual reporting to the authority, "information and intelligence is the key", the spokesman said.
The whistleblowing line will be protected by Section 48 of the Act, though if the information is to be acted on it will have to be followed up in writing and it can be an offence to give wrong information.
Opra said oral advice during discussions over the whistleblowing line should not be treated as a binding decision by the regulator, and would be "without prejudice" to any subsequent decisions made on the case.
To encourage constructive use of Section 48, Opra said schemes should be confident that isolated initial breaches of the Act which brought no significant danger to members' pensions would "not, as a matter of course, lead to penalties".
The Institute of Actuaries and the Institute of Chartered Accountants both said they had yet to receive and study a copy of the consultation document.
- 1 Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
- 2 Google April Fools': company unveils backwards search engine and huggable digital assistant
- 3 I might be an MP, but that doesn't stop me fighting sexism with my breasts
- 4 April Fools' Day 2015: The best hoax news stories from around the internet
- 5 Gamers confess the worst things they've done in The Sims
Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
Revealed: Putin's army of pro-Kremlin bloggers
Katie Hopkins reported to the police for race hatred by Labour MP Simon Danczuk after tweet about Pakistani men
iJobs Money & Business
£20000 per annum + commission: SThree: Sthree have an exciting opportunity for...
£18000 - £32000 per annum: Recruitment Genius: A Telesales Executive is requir...
£45000 - £50000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50,000 - £55,000: Neil Pavier: Are you a professionally qualified commercial ...