Pension Cold-Calling Ban Takes Effect

Pension Cold-Calling Ban Takes Effect

28 January 2019

Pension Cold-Calling Ban Takes Effect

Cold-call Ban


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

  1. Reject unexpected offers, simply hang up the phone.
  2. Check who you are dealing with with the FCA Register or the FCA Warning List.
  3. Don't be rushed or pressured.
  4. 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.

"Don’t let a scammer enjoy your retirement."

KEYWORD TAGS: pensions Savings

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