Pension Cold-Calling Ban Takes Effect
28 January 2019
Despite a ban on cold calls about Pensions coming into effect on 9th January 2019, people are being urged to still be on their guard. Pension scammers have used cold-calling to offer free pension reviews to try and steal people's life savings or to encourage people to invest in high-risk schemes.
Unless the caller is authorised by the Financial Conduct Authority (FCA) or is a trustee/manager of your occupational or personal pension scheme you should beware of any 'out of the blue' phone calls or emails offering a free pension review or an investment opportunity to make attractive returns on pension savings.
According to a recent BBC Business report on the pension cold-calling ban the FCA has found that pension scam victims lose an average of £91,000 each but it is thought that only a minority of pension scams are ever reported.
4 Steps to Protect Yourself from Pension Scams
- Reject unexpected offers, simply hang up the phone.
- Check who you are dealing with with the FCA Register or the FCA Warning List.
- Don't be rushed or pressured.
- Get impartial information and advice before changing your pension arrangements.
The Financial Conduct Authority website has more information in relation to Pension fraud - find out how pension scams work, how to avoid them and what to do if you suspect a scam.