The government intend to ban pension cold calling this autumn – better late than never and too late for those who have been scammed. For most of us our pensions are our biggest asset or our biggest asset after our house. It can mean the difference between a comfortable retirement or one struggling to make ends meet.
But this means the scammers will spend the next couple of months working overtime looking to snare unfortunate victims.
One would hope that pension funds receiving transfer applications are very vigilant over the next few months.
To quote “Pensions cold calling is an important and complex issue. Pensions scams can have devastating consequences and cold calling is the most common method used to initiate pensions scams, so the government has taken the time to ensure the ban works for consumers. The government will imminently publish a consultation seeking views on a set of draft regulations to ban pensions cold calling. Once we have considered all responses to the consultation, in the Autumn we intend to lay regulations under the affirmative procedure and subject to parliamentary approval bring the regulations into force as soon as possible thereafter.”