Hanging On The Telephone : UK Government’s Consultation Response on Pension Scams
It’s time to hang up on cold callers! The loss of pension savings can have a devastating impact on an individual’s plans for retirement but this is an unfortunate reality for those who have fallen victim to pension scammers. The UK Government’s consultation response on pension scams shows its clear intention to ban cold calling in relation to pensions.
A few thoughts
- Although the ban should help to limit the number of pension scams, individuals and trustees will still need to be vigilant.
- The Government intends to future proof the legislation but consideration will be needed as scammers become more sophisticated and find ways to overcome obstacles.
- The Information Commissioner’s Office will have no powers outside of the UK’s jurisdiction so scammers may seek to manipulate this.
The legislation should be useful in terms of highlighting a problem to the general public (depending on the extent of any public awareness campaign that may accompany the ban) but a tightening of the transfer legislation is paramount. We look forward to the promised Government consultation on this issue.
Read full content here: The National Law Review
