Pensioners are increasingly being targeted by organised criminals who seek to scam them out of their pensions, according to the Pension Regulator.
My team recently met with the Pension Regulator to discuss how we might help protect older constituents from this kind of activity. The Regulator advised that scammers are increasingly sophisticated and often initiate their fraud via cold-calling in order to rob the most vulnerable pensioners of their life savings. They therefore see a ban on pensions cold-calling as central to any effort to tackle this despicable crime.
I therefore tabled a parliamentary question for the Chancellor of the Exchequer asking what progress the Government has made on bringing forward legislative proposals to prohibit pensions cold-calling.
In response, Steve Barclay MP, Economic Secretary to HM Treasury, has advised that – ‘The government is committed to banning pensions cold-calling. Following a consultation, the government will bring forward draft legislation for scrutiny to ban pensions cold-calling, including texts and emails, in early 2018. It will then legislate on a ban as soon as Parliamentary time allows.’
I was pleased to see that my question, and the Government’s response, had been noted by the press and was covered in an article in the FT Adviser where the Government’s commitment to bring legislation forward next year was welcomed. The report also highlighted that, by Government estimates, £43m had been unlawfully obtained since April 2014 demonstrating the clear need for this vital legislation. I eagerly await its introduction next year.
My question and the Government’s response can be viewed online at:
http://www.parliament.uk/business/publications/written-questions-answers-statements/written-question/Commons/2017-11-02/111027/
The FT Adviser article on this matter can be viewed online at:
https://www.ftadviser.com/pensions/2017/11/10/cold-calling-legislation-to-come-in-early-2018/