Pension Cold Calls Banned

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Pension Cold Calls Banned

Two years after it was first proposed the government has now introduced a ban on pension cold calling. The ban which covers phone, email and text contact came into force on 9 January 2019. From that date companies which make unsolicited or unwanted calls in respect of pensions could face a fine of up to £500,000.

The only exceptions to the ban are calls from trustees or managers of an existing occupational pension scheme, FCA authorised callers, those who are in an existing advice relationship with the recipient such as their financial adviser, or where the recipient has given consent to receive calls.

According to regulators the average amount stolen from each victim by scammers last year was £91,000. If you receive unsolicited pension contact the straightforward advice is to cut the call short and report the attempted contact to the Information Commissioner’s Office. Commenting on the new ban the Economic Secretary to the Treasury John Glenn said “I’d also urge all savers to seek independent advice if they’re thinking about making an important financial decision.”

If you are looking for advice on pensions, or if your situation has changed and you may therefore need to review your existing investments, contact Beckworth by using one of the links on our website.

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