When my fellow IFA Darren Cooke asked me to sponsor a parliamentary petition to ban pension and investment cold calling, I was pleased to lend my support to the initiative.
The campaign was quickly supported by a number of high profile figures from the world of personal finance and, despite not reaching the number of signatures required for a response from government, HM Treasury took notice.
During the Autumn Statement last month, Chancellor Philip Hammond confirmed the government would consult on a range of measures to prevent pension scams, including a ban on cold calling.
It is good to see the government moving quickly on this promise, today launching their consultation on banning pension cold calling and taking other steps to protect consumers from pension scams.
Along with a ban on cold calling about pensions, the government is consulting on restricting the rights of transfers in occupational pension schemes and making it more challenging for fraudsters to open small pension schemes.
‘The proposed ban will send a clear message to consumers that no legitimate firm will ever cold call them regarding their pension, encouraging consumers to put the phone down on cold callers immediately,’ the consultation said.