Pension cold-calls banned
4 February 2019
As of 9 January 2019, the cold-calling of savers about anything to do with their pensions will become illegal.
The new law doesn’t just cover phone calls, any unsolicited emails or text messages about your pension will also be illegal.
The introduction of pension’s freedoms in 2015 is widely cited as the reason for the alarming increase in pension fraud over the last few years. Scammers have seized upon these rules, which give savers much more flexible access to their retirement savings, to get unsuspecting individuals to transfer their cash.
Key warning signs of pension’s scams include offers of free pension reviews and promises of incredibly high rates of return, among others. Citizens Advice report that as many as 10.9 million people were cold-called about their pensions in 2016 alone.
Now, when you put the phone down on would-be pension scammers, you can tell them that they have broken the law just by contacting you.
If you suspect you have been victim to a pension scam, you should report the scam or fraud to Action Fraud as soon as you can. They will pass the information to the National Fraud Intelligence Bureau who will analyse the case to find viable lines of enquiry. If they find any, they will send the report to the police for investigation.
If you have any concerns, please don’t hesitate to contact us.
For further information please contact:
Chartered Financial Planner, Private Client, Wells