Pension Cold Calling Ban Starts Today

From today companies that cold call customers about their pension could be fined up to £500,000.

As seen on the news and television advertisements, pension scams have left victims distraught and for some, with no retirement fund after receiving cold calls and believing the caller is genuine and then transferring out in a fraudulent scheme.

The Money Advice Service has suggested that there are potentially 8 recorded scam telephone calls per second are made.  That’s the recorded ones, let alone those that go unreported.

Last year alone pension scams stole an average £91,000 per victim according to the Financial Conduct Authority (FCA).  So this is a lucrative business that scammers may not easily give up on

The ban should see this figure decrease and raise further awareness, if you do get a cold call about your pension gather as much advice about the call including name’s, telephone numbers and report it to the:

Information Commissioners Office on 0303 123 1113

If you think you have already received a call and potentially lost money to these scams call Action Fraud on 0300 123 2040 or go to their website:

https://ico.org.uk/make-a-complaint/nuisance-calls-and-messages/