24th November 2016
The Government will consult on how to ban pension cold calling and a wider range of pension scams. The legislation would become effective from 6 April 2017. Cases would be dealt with by the Information Commissioner’s Office, which could impose fines of up to £500,000.
Jonathan Watts-Lay Director, WEALTH at work comments; “Pension savers getting scammed out of their retirement savings is a real issue. The problem is many of these scams look perfectly legitimate so are not easy to spot. Others offer investment returns which to be fair are too good to be true but people get sucked in. We work with many major employers to help educate their employees on what to look out for and the importance of getting regulated advice. Anything the Government can do to help is welcomed.”