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Cold-calling ban comes into force

Legislation to ban pensions cold-calling came into force on 09/01/2019, meaning that companies making unsolicited phone calls to people about their pensions face enforcement action, including fines of up to £500,000. The regulations prohibit cold-calling in relation to pensions, save for circumstances in which the caller is authorised by the FCA, or is the trustee or manager of an occupational or personal pension scheme, and when the individual being contacted consents to the calls, or has an existing relationship with the caller.

The Minister for Pensions and Financial Inclusion, said: “Pension scams are despicable crimes, fleecing people of the retirement they’ve earned by doing the right thing, working hard and saving for the future. Banning pensions cold-calling will protect people from these callous crooks and ensure fraudsters feel the full force of the law.”