Regulation Matters Brochure January 2019

9 | Regulation Matters - January 2019

Pension Cold Calling Ban

Companies that make unwanted, unsolicited phone calls to people about their pensions may face enforcement action, including fines of up to half a million pounds, from 9th January 2019. Pension fraud can be devastating, leaving victims without the means to fund their retirement. One of the most common methods used by scammers to commit pension fraud is through cold calls, which is why the Government has taken action. The ban prohibits cold calling in relation to pensions, except where: n the caller is authorised by the FCA, or is the trustee or manager of an occupational or personal pension scheme; and n the recipient of the call consents to calls, or has an existing relationship with the caller Anyone looking for help on their pensions can visit Pension Wise, a free and impartial service that helps you understand the options for your pension pot. As of 1st January 2019, Pension Wise is delivered by the new single financial guidance body (which will be named later in 2019). Full detail of the announcement is available on the Government website:- https://www.gov.uk/government/news/ pensions-cold-calling-banned

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