Government crackdown on pension scam cold calls

The government has announced new measures that will see tougher action on pension scammers and a crackdown on pension cold calls.

According to latest figures, a staggering £43m has been taken by pension scammers since 2014, with victims losing an average of £15,000.

New measures announced include:

– a ban on all cold calling in relation to pensions, this extends to emails and text messages
– a tightening of HM Revenue and Customs rules to stop scammers opening pension schemes
– tougher actions to help prevent the transfer of money from occupational pension schemes into fraudulent ones.

Writing for Which? Conversation, Guy Opperman MP, Minister for Pensions and Financial Inclusion, explained that ‘these measures will ensure that no legitimate firm without an existing customer relationship will be able to cold call you about your pension’.

ACTION ON SCAMS

This is welcome news and a big win for those of you who’ve not only been pestered by these pension cold calls, but also fallen victim to them.

Which? money expert, Gareth Shaw, said:

‘Pension scams are costing retirees millions, so this action must lead to a crackdown on criminals stealing people’s hard-earned savings.

‘As fraudsters look for new ways to target even the savviest people, the regulator will need to make sure that these new protections are enforced to safeguard people’s money.’

We’re hopeful that today’s announcement will ensure that pension scammers are no longer able to get their hands on your hard-earned savings.

But, the fact remains that fraud is at record levels with scammers finding ever-changing ways to trick you out of your money. We want to see the government, financial regulator and businesses all do more to safeguard us from scams – help us convince them to take action by signing our petition today.