The government is going to confirm a cold calling ban on the sale of all financial products to further crackdown on scams and hard sell crypto dealing and short selling trading sites in addition to ‘wheedling out’ further fraud and scams on pensions.
Quoting Rishi Sunak (PM): “Scammers devastate lives and livelihoods, preying on people’s fears to cheat them out of their money. To clamp down on these crimes, we have to prevent fraudsters from infiltrating their way into people’s lives in the first place. “That’s why we’re stopping scams at source by taking away the routes used to target victims, keeping people safe and shielding them from the criminals responsible.”
To further back up the need for this, figures confirmed by under a Freedom of Information request found that just 29% of pension frauds reported to the police are investigated meaning that of the thousands reported (£millions in pension fund values) are followed up.
We hope this will not only stop many falling victim to fraud but also reducing pressure on financial services firms as well as compensation funds.