The Personal Finance Society has urged the Government to
introduce a broader ban on cold calling than initially proposed, as
part of its submission to a consultation on pensions scams.
Lodged with the Treasury on Monday, the submission calls for the
ban to extend across all electronic communication channels
including uninvited emails, texts, promotional brochures and social
media interaction. It also suggests that the ban cover general
investments as well as pensions.
Personal Finance Society chief executive Keith Richards said:
"Pension scams come in many forms and it is in the nature of
innovative scammers that if one 'route to market' is closed, they
will seek out another."
"For this reason, the ban on cold calling should extend as far
and wide as necessary to stamp out the work of financial predators
who continue to prey on the vulnerable in our community.
"We must also remain wary of new methods adopted by cold callers
and scammers, and ensure that we have the legislative flexibility
to prosecute against innovative scammers in the market."
The Personal Finance Society has stepped up its campaign against
cold callers and scammers in recent weeks, including its new
national anti-scamming initiative, which it is delivering in
conjunction with the Financial Conduct Authority.
Hundreds of Personal Finance Society members have already signed
up to the campaign, with many more pledging to spend 15 minutes
each month scouring press, web and telephone promotions to help
identify and report potential scams.
"We believe the Government, regulators and financial advice
professionals have a common and joint responsibility to act in the
interests of consumers by seeking out and eliminating the
unscrupulous behaviour of cold callers, scammers and fraudsters,"
Mr Richards said.
"Financial advisers are best placed to spot potential scams, and
the response from our members to the new ScamSmart campaign clearly
shows that the profession is eager to contribute in the wider
effort of helping protect consumers."
View the full PFS consultation response