Inquiry

Introduction

Over the past decade investment and pension fraud has increased at exponential rates and there has also been an increased awareness of the devastating harm these crimes can cause. However, victims continue to face huge barriers to accessing justice and support and are reporting a sense of injustice when dealing with the UK tax system.

The inquiry is the first inquiry by the Investment Fraud APPG and aimed to build the evidence base on the issue and to consider the need for policy and legislative reform. The APPG heard evidence, views and experiences from a variety of expert stakeholders as well as victims themselves and set forward recommendations about what the Government and other organisations can do to help ensure victims are treated fairly and appropriately and to improve support for them.

The Inquiry was led by Caroline Nokes MP, and Alex Sobel MP, supported by senior parliamentarians and a panel of sector experts. The secretariat is provided by Keller Postman solicitors.

Submitting evidence to the inquiry

The first oral evidence session was held at Parliament on 29th June 2023 and co-chaired by Caroline Nokes MP hearing directly from victims. The second hearing took place on 5th July 2023 and focused on recommendations and best practice to ensure fair and appropriate treatment of victims and comprised a round-table discussion chaired by Alex Sobel MP with parliamentarians and key experts from the investment fraud and pensions sector.

The APPG also invited written evidence from victims, on any current issues, any barriers to reform and any recommendations to ensure fair taxation of investment and pension fraud. The APPG reached out to hear from anyone with experience or insights relating to this issue including victims, experts, academics, tax officials, ministers, parliamentarians and practitioners.

Key questions for the written call for evidence were:

• What tax charges are being levied against investment and fraud victims?.
• What impact is this having on victims and their families?.
• How do HMRC treat victims of investment and pension fraud? Are any changes in their current practice or policies required?
• Are fraudsters being pursued by HMRC and other law enforcement bodies for taxation of proceeds of crime?e 
• Are there any legislative gaps or policy issues that need to be addressed?
• How is this issue dealt with in other countries?.
• How can we better meet the mental health needs of victims and support long term recovery?

The APPG invited stakeholders with relevant knowledge and expertise to submit evidence. In particular, we welcomed the input of: 

• Pension and investment fraud victims themselves,
• Professionals and voluntary workers who work directly with victims,
• Charities and NGOs that work with or on behalf of fraud victims,
• Charities and NGOs with expertise in mental health and wellbeing,
• Academics and researchers involved in existing and ongoing research in this and related areas,
• Clinicians and public health professionals with expertise in supporting victims and/or their families,
• Government representatives from relevant departments, especially the Treasury, Home Office, HMRC and law enforcement  officials,
• Other APPGs and campaigners who are campaigning in respect of similar issues. 

Responding to the Call for Evidence

To submit further written evidence to the inquiry panel please email your submission in a word

document to secretariat@investmentfraudappg.co.uk. 

Please ensure any submissions adhere to the word limit, and provide the information outlined below.

• Your submission should be no more than 1500 words in length.
• Please clearly state who the submission is from i.e. if you are submitting evidence in a personal capacity or sent on behalf of an organisation.
• If you are submitting on behalf of an organisation, please state the name of the organisation and provide a brief description of the organisation. 
• If you are submitting in your personal capacity - please state if you have personal experience of investment or pension fraud if you feel comfortable sharing. 
• Please state clearly if you wish for your submission to be kept confidential and your name withheld. Unless this is done it will be presumed you give your consent to publish all or part of your submission.
•  All personal submission information and quotes included in the final report will be anonymised unless otherwise instructed. 
• For submissions made by organisations, unless otherwise requested, the APPG will assume your submission can be referenced in full and reserves the right to reference the content of your submission in further reports and publications.
• Please include the following statement: I give my permission for the Investment Fraud APPG to safely store my personal data and outputs relating to my evidence submission. If you would like more information, please email: secretariat@investmentfraudappg.co.uk
• Please reference any data or research submitted in your evidence.

Inquiry timelines

June 2023

• Inquiry launched at Parliament
• Oral Session 1 heard from a number of investment & pension fraud victims

July 2023

• Oral Session 2 comprised a roundtable discussion of sector experts and parliamentarians regarding potential reforms

August 2023

• Panel discussions regarding initial evidence sessions

September 2023

• Online call for written evidence opened 
• Letters sent to HM Treasury, HMRC and key ministers inviting responses

October 2023

• Online call for written responses closes on 31st October 2023
• Both the oral and written evidence will be collated and analysed by the Secretariat & Inquiry Panel and written up into a recommendation report.

November 2023

- The APPG published our report on 16th November 2023. 

For more information about the APPG on Investment Fraud, please visit: https://www.investmentfraudappg.co.uk

For any queries please email: secretariat@investmentfraudappg.co.uk

 Inquiry Panel

The Current Inquiry Panel (note that this is subject to change):

• Caroline Nokes MP (Conservative) - Co-Chair
• Alex Sobel MP (Labour) - Co-Chair
• Baron John Mann (House of Lords and Former Chair of the Treasury Select Committee)
• Sir Stephen Timms MP (Labour, Former Treasury Minister and Chair of the Work and Pensions Select Committee
• Toby Perkins MP (Labour)

The Current Inquiry Advisory Board (note that this is subject to change):

• Carly Barnes - Advisory Group Chair, CEO of Phoenix Sport & Media Group.
• Margaret Snowdon OBE - President of the Pensions Administration Standards Association and Chair of the Pension Scams Industry Group.
• Andy Agathangelou - Founder of the Transparency Taskforce & Chair of the Secretariat Committee to the APPG on Personal Banking and Fairer Financial Services.
• Adam Richardson – Barrister, 1 Essex Court.
• Ben Rees - Solicitor, Keller Postman Solicitors.
• Rick Muir - Director, The Police Foundation. 
• Sue Flood - Victim Representative

Click to download