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As of today (9 January), companies that make unsolicited phone calls to people about their pensions will be liable to enforcement action, including fines of upto £500,000.
The ban has been introduced in a bid to prevent people falling victim to cold call scams that can lead to them losing their life savings.
As many as eight scam calls take place every second - or a whopping 250 million calls a year – according to research from the Money Advice Service (MAS).
Reports made to Action Fraud show how highly sophisticated fraudsters have tricked people into transferring their pensions into fraudulent schemes.
Victims of pension scams can lose their life savings, and be left facing retirement with limited income.
According to the Financial Conduct Authority, pension fraudsters stole on average £91,000 per victim in 2018.
The ban prohibits cold-calling in relation to pensions, except where:
The HM Treasury offers the following advice:
If you receive a cold call about your pension, get any information you can, such as the company name or phone number, and report it to the Information Commissioner’s Office via their website or on 0303 123 1113.
Article Source - Action Fraud
Contains public sector information licensed under the Open Licence V3.0
Article Date 9th January 2019
The most common Scam Investments include :
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Web: www.nationalcrimeagency.gov.uk
0370 4967622
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