Cold calls concerning pensions will soon be banned.
In the 2016 Autumn statement, Chancellor Philip Hammond, outlined the need for banning pension cold calls. Fraudsters are using sophisticated over the phone sales tactics that 9/10 people cannot identify, posing a significant consumer risk.
The Information Commissioners Office was to be charged with enforcing the potential ban, with the ability to levy up to £500,000 in fines. In August 2017 the Government reconfirmed its commitment with Economic Secretary to the Treasury Stephen Barclay saying, “It’s utterly unacceptable that people who have worked all their lives to build up a pension pot should be subject to scams which may leave them out of pocket.” whilst introducing draft legislation.
It is now 2018 and the Government has promised the introduction of the legislation before 2020. Until then they advise to be wary of over the phone scam tactics, particularly in relation to pensions.
Sourced from gov.uk
If you have pension questions, you can speak to an Independent Financial Adviser from 1st Financial Group. We offer free consultations and are based in the heart of Somerset.
