Stafford MP, Jeremy Lefroy has welcomed action to crack down on cold-calling pension scams. From January 9th, Companies that make unwanted, unsolicited phone calls to people about their pensions may face enforcement action, including fines of up to half a million pounds.
Cold-calling has been used by fraudsters trying to steal life savings or persuade people to invest in high-risk schemes. Some 10.9 million unsolicited pension calls and messages are made a year, according to Citizens Advice. Research by the City regulator, the Financial Conduct Authority (FCA), found that pension scam victims lose an average of £91,000 each.
Commenting, Jeremy said: “Pensions fraud can be devastating, leaving victims without the means to fund their retirement. One of the most common methods used by scammers to commit pensions fraud is through cold calls, so this ban should help make a real difference.
“If you receive an unwanted call from an unknown caller about your pension, get as much information you can and report it to the Information Commissioner’s Office. I’d also urge all savers to seek independent advice if you’re thinking about making an important financial decision.”
If you receive a cold call about your pension, get any information you can, such as the company name or phone number, and report it to the Information Commissioner’s Office via their website or on 0303 123 1113.
If you think you have lost money to fraud, report it to Action Fraud on 0300 123 2040 or via their website.