Dropping the pensions cold calling ban will leave pensioners at risk of fraud warns RSM

Following the Government’s confirmation that the proposed ban on pensions cold calling has been shelved, Ian Bell, head of pensions at RSM said:

‘Back in the Autumn Statement last year, the Government made a great play of its plans to ban cold calling in relation to pensions. We now learn that such a ban has been dropped from the upcoming Financial Guidance and Claims Bill which is hugely disappointing.

‘We will now have to await the outcome of a further consultation before we see any progress. In the meantime, pensioners will remain at risk from unscrupulous cold callers who are hell-bent on stealing their lifesavings. This is a short-sighted decision that could lead to a greater erosion of trust in the pensions sector as a whole which is the last thing anyone needs.’