Finally the ban on pension cold calling comes into force today 9 January, so any company that makes unsolicited phone calls to people about their pension could suffer enforcement action with a fine up to £500,000.
Launching the ban, City Minister, Mr Glen recommended all savers seek independent financial advice to make sense of their savings and investments.
Speaking about the ban, which came after research by the Money Advice Service suggested there could be as many as eight scam calls every second, Mr Glen said: “Pension scammers are the lowest of the low.
“They rob savers of their hard-earned retirement and devastate lives. We know that cold-calling is the pension scammers’ main tactic, which is why we’ve made them illegal.
“If you receive an unwanted call from an unknown caller about your pension, get as much information you can and report it to the Information Commissioner’s Office.
“I’d also urge all savers to seek independent advice if you’re thinking about making an important financial decision.”
According to the FCA, pension scammers stole on average £91,000 from each victim last year.
Lesley Titcomb, chief executive of The Pensions Regulator, said: “The cold-calling ban sends a very clear message – if anyone calls you about your pension, it’s an attempt to steal your savings.
“The ban draws a line in the sand for scammers. Cross it and you should expect to be prosecuted.”
The ban prohibits cold-calling in relation to pensions, except where the caller is authorised by the FCA, or is the trustee or manager of an occupational or personal pension scheme, and where the recipient of the call consents to calls, or has an existing relationship with the caller.
It would be wonderful if this would be an end to people falling victim to these scams but the ban needs to be publicised because it’s not making front page, or any other page news today, so how are the public to know about it?
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