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Pension cold-calling ban comes into effect

On 9 January the Government’s ban on cold calling came into effect. Cold-calling has been used by scammers to steal pension savings or to persuade people to invest in high-risk schemes. The average victim lost £91,000 to fraudsters in 2017 according to a report by the Financial Conduct Authority.

If a firm is found to break the ban, they could face a fine of up to £500,000. If you think you have received a cold-call about your pension, hang up and report it to https://ico.org.uk/make-a-complaint/nuisance-calls-and-messages/.

However, not all cold-callers are covered under the ban. Companies which are authorised by the FCA, or a trustee manager of an occupational or personal pension scheme are exempt.

People are advised to remain vigilant with regards to their savings as many experts expect fraudsters to ignore the ban. It’s also important to note the ban doesn’t include texts or emails.

If you think you’ve been the victim of a Pension Scam call Action Fraud on 0300 123 2040, or you can report it online at www.actionfraud.police.uk/reporting-fraud-and-cyber-crime.