Legislation to end aggressive cold calling tactics by pensions scammers is a big step towards helping vulnerable consumers and pensioners, but delays are diffusing its benefits.
That’s according to The Landlord’s Pension, an Oxfordshire-based company that helps astute business owners to take control of their pension funds.
New rules to end the ability of unscrupulous companies to freely make 250 million scam calls each year – the equivalent of eight per second – have been under discussion for some time. They aim to stamp out a range of activities by companies selling bogus pensions. This includes stopping the use of cold call tactics to persuade people – especially the elderly – to part with their cash for inappropriate or non-existent private pension schemes.
According to official Government figures, around £43m was unlawfully obtained by scammers between 2014 and when the cold call ban was first proposed in 2016. Every year, 11 million pensioners are approached by people selling pension scams.
Gareth Bertram, Director at The Landlord’s Pension commented: “We fully support the proposed ban on pensions cold calls. Scammers take advantage of vulnerable people and often leave them with nothing.”
However, the legislation is subject to a slow timeframe, leading to a call from The Landlord’s Pension to address the issue with far greater urgency.
Though initial work has been done on the structure of the new laws, HM Treasury will only present them to Parliament in the autumn after the Government missed the pre-summer recess deadline.
Gareth Bertram added: “The longer the new law is delayed, the more the British public are losing their money to scammers.”
“We very much hope that in the new session the legislation becomes a priority, and then it is enforced quickly and publicly.”
The new rules that prevent cold calling to sell pensions schemes are part of an amendment to the Financial Claims and Guidance Act 2018. Once ratified, the legislation will be enforced by the Information Commissioner’s Office (ICO). This is the same body that now has the power to fine companies up to £500,000 when they plague people with unsolicited cold calls.
The Landlord’s Pension is an authorised business pension administrator which works with SME company directors to assist with investment and business tax planning.
For more information about The Landlord’s Pension Survey, please visit https://www.thelandlordspension.co.uk.
Media contact: [email protected].
Media ContactCompany Name: The Landlord’s PensionContact Person: Mike HoltEmail: Send EmailPhone: 020 3907 8400Country: United KingdomWebsite: https://www.thelandlordspension.co.uk
