Ban on pensions cold-calling takes effect

10 Jan 2019

From 9 January 2019, the government's new ban on pensions cold-calling takes effect.

Making unsolicited calls in regard to pensions is now illegal, and any business found to be breaking the law will face fines of up to £500,000.

Data published by the Money Advice Service recently revealed that as many as eight scam calls are made every second in the UK, totalling 250 million unwelcome calls per year.

Meanwhile, research conducted by the Financial Conduct Authority (FCA) suggested that pension scammers stole an average of £91,000 per victim in 2018.

Commenting on the ban, John Glen, Economic Secretary to the Treasury, 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 (ICO).'

The ICO website can be accessed here.

Copyright

© 2019 Volans, Leach & Schofield. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Contact Us

Please call:
0113 245 7031

Quick links

Home | Contact us | Credit | Site map | Accessibility | Disclaimer | Help |


Registered to carry out audit work by the Institute of Chartered Accountants in England and Wales. Authorised and regulated by the FCA.

Our FCA Register number is 542783 which can be checked at www.fca.org.uk/register. The Financial Conduct Authority does not regulate taxation and trust advice, personal finance and some aspects of commercial property investment.

Volans, Leach & Schofield is a trading style of Volans Limited - Company number 07549089.

Registered in England and Wales with registered office at Volans, Leach & Schofield, 10 Blenheim Terrace, Woodhouse Lane, Leeds, West Yorkshire LS2 9HX .

Directors: Christopher Smart FCA CTA and Martin Knaggs FCCA.

Please check the information in the Disclaimer page before proceeding.