Opra takes tough stance

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The Independent Online
Opra takes tough stance

Opra, the new pension schemes regulator, said it was toughening its stance on schemes that break the 1995 Pensions Act, which aims to crack down on Maxwell-style frauds. In April, Opra attempted to reassure trustees who face possible jail sentences for breaches of the Act by saying it would exercise discretion when breaches appeared to be technical. Opra has confirmed it is examining up to five cases that could involve serious wrongdoing. Its board recently decided to make public the details of any determinations it makes.

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