Ban pension cold-calling now, MPs demand

19th December 2017

Ban pension cold-calling now, MPs demand

Cold-callers trying to sell pensions could be banned by next summer if the government acts now, a group of MPs has demanded.

Members of the Work and Pensions Committee said that otherwise, the ban may not happen until 2020.

The MPs want the government to include the measure in a bill, which is before Parliament.

At least £42m has been lost to pension scammers since 2014, according to the City of London Police.

Many fraudsters make their first approach to consumers by phone and subsequently persuade them to move their savings to unregulated pension schemes.

Such schemes include diamonds, forestry, overseas property developments and store pods. Savers have lost an average of £15,000 each in such investments

The chancellor first announced a plan to ban cold-calling in last year’s Autumn Statement.

However, the idea was dropped ahead of this year’s general election and then failed to make it into the original Financial Claims and Guidance Bill.

Baggette + Co. organisation logo