The scale of the issue

The Pensions Policy Institute talks of £31bn in +2m pension pots tied up with bad data issues for DC Schemes alone. It would be fair to say that £100bn might be a best guess for the entirety of FS including banks, asset managers, life assurance and pension DB schemes. This was the number cited by a recent BBC Radio 4 programme in May 2025.

It is telling that no accurate assessment is available.

At a minimum, fees are being earned and charged without authorisation.

The vulnerable beneficiary spouse in a care home is not being supported financially and at the other end of the financial scale the Exchequer misses out on the Inheritance tax take and the country is not getting the benefit that would accrue by pumping these funds into the economy via payments to legal beneficiaries.