Pension cold-calling ban set to include texts and emails
Money Marketing reported on the government’s decision to include email and text message from pension scams in the cold-calling ban.
The decision states that a pension firm can only contact an individual if they have specifically requested for a firm to do so, and if the individual is a current customer of a pension scheme.
The decision to include email and text message communication in the cold-calling ban is to tighten the rules against pension scams; protecting individuals from fraudulent pension accounts.
Tom Selby, AJ Bell senior analyst, informs Money Marketing that he wants to see the ban progressed through parliament as a matter of urgency. The necessity for this ban to be implemented as soon as possible is a result of the Government estimating that around £5 million has been collected by pension scammers in their first half of 2017.
The ban will be regulated by the Information Commissioner’s Office; the same government department responsible for the GDPR. Similar to GDPR, this policy against pension scams will only be as effective if they are efficiently managed and controlled.