The long-awaited ban on Pensions cold calling has today (9th January) come into force ater a laborious journey that saw the legislation heavily debated and go through two consultations. Although the move has been heralded as a much-needed step in the right direction, scepticism remains that more needs to be done in order for the ban to be effective.
Zurich’s head of platform strategy, acknowledged the ban would help to ‘frustrate fraudsters’ looking to scam people out of their life savings, and described it as ‘a major step forward in the fight against pension fraud’.
With the pensions dashboard somewhere on the near horizon, however, he predicted scammers would step up their efforts to gain access tp people’s retirement savings and so, he argued, the ban alone was not enough protection. ‘Even with the protection of the law, consumers cant afford to let down their guard as pension fraudsters are likely to evolve new tactics to sidestep the ban’, Wilson said.
‘Overseas calls are not covered by the clampdown, presenting a potential loophole for scammers operating form overseas. For the ban to be effective, it needs to be backed by a vigorous and ongoing awareness raising campaign. This will help to hammer home the message to consumers that any call they receive about their pension out of the blue is a scam’.