A ban on pension cold calling has been welcomed by South Shropshire MP Philip Dunne.
The ban, which came into force on 9th January, makes it illegal to cold call anyone to discuss their pension. The ban will be enforced by the Information Commissioners Office (ICO), with fines of up to £500,000 for those who break the rules.
Pensions are often people’s largest financial asset, which makes them attractive for fraudsters. Losing all or part of a pension pot can leave people with a greatly reduced income in retirement.
According to the Financial Conduct Authority, pension scammers stole on average £91,000 per victim last year.
Mr Dunne said: “This ban is extremely welcome, and will give reassurance to the many people who choose to make Shropshire their home for a peaceful retirement.
I am aware of vulnerable elderly constituents who have been persuaded to part with substantial sums over the telephone from persistent fraudsters. This measure will help put a stop to such disgraceful conduct by enhancing protection under the law.
35.4% of the population of South Shropshire is over 60, so either in or approaching statutory retirement age, where their pension presents a target for fraudsters. So it is important to know that if an unfamiliar person calls to discuss pensions, you should immediately hang up and inform the ICO, either online or by phone.”
The ICO can be contacted by phone on 0303 123 1113, or via their website at https://ico.org.uk.
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