“As one of the UK’s largest savings and retirement businesses, Phoenix Group is committed to protecting our customers, partners, and the integrity of the financial system.

“We fully support the UK Government’s Economic Crime and Corporate Transparency Act, including the introduction of the Failure to Prevent Fraud (FTPF) offence, which comes into effect on 1 September 2025.

“This new legislation holds large organisations accountable if fraud is committed by someone acting on their behalf, such as an employee or agent and the organisation did not have reasonable procedures in place to prevent it.

“Phoenix Group recognises the importance of this step in the fight against economic crime. We have enhanced our compliance framework to align with the government’s six guiding principles for fraud prevention, and we met the requirements by the 1st September deadline.

“We believe that a robust and transparent approach to fraud prevention not only protects our business and clients but also reinforces trust in the financial services sector. We will continue to review and evolve our practices in line with regulatory expectations and industry best practice.”