The UK ban on pensions cod calling came into force on the 9th January 2018, after this date companies that make unsolicited phone calls to talk to people about their pensions may face fines of up to £500,000.
The action has been taken by the government to support the clampdown on pension scams in the UK. Prior to the ban it was suggested by the Money Advice Service that there may be as many as 8 scam scam calls per second.
The FCA suggests that victims of pension scammers lost on average a staggering £91,000 each.
Member of Parliament for Salisbury and Economic Secretary to the Treasury, john Glen said;
Pension scammers are the lowest of the low. They rob savers of their hard-eavia their website or call direct on rned 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.
Guy Opperman, Minister for Pensions and Financial Inclusion and MP for Hexham said;
Pension scams are despicable crimes, fleecing people of the retirement they’ve earned by doing the right thing, working hard and saving for the future. Banning pensions cold-calling will protect people from these callous crooks and ensure fraudsters feel the full force of the law.
If you receive an unsolicited call about your pension, gather as much information about the caller as possible including the telephone number and the name of the company and report it to the ICO on their website or by phone on 0303 123 1113.