MPs call for swift ban on pension cold calling
2 min read
MPs are calling on the Government to speed up plans to stamp out cold calling pension scams.
The Work and Pensions Committee is urging the Government to include the measures in a bill that is currently before Parliament.
According to the City of London Police, at least £42m has been lost to pension scammers since 2014, with many vulnerable victims targeted via cold calling.
The Chancellor first announced a plan to ban the practice in last year's Autumn Statement but the idea was shelved in the run up to June’s general election.
A Lords amendment could revive the pledge, but as it stands the changes would still not come in until 2020, committee chair Frank Field warned.
The veteran Labour MP said: "Every day that passes without a ban, people are being avoidably conned out of their life savings.
"There is no need to overcomplicate this: our proposal would see an enforceable ban in place by summer, closing at least one door on rafts of scammers at a stroke."
Yvonne Braun, policy director at the Association of British Insurers, said: "People's life savings must not be left vulnerable to scammers and con artists.
"With mortgages already protected by a cold-calling ban, it is high time pensions were given the same level of protection.
“Further measures to prevent fraudsters switching to spam emails and texts will also be important."
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