The Information Commissioner’s Office has launched an investigation into claims that the details of millions of people’s pensions are being sold to fraudsters.
A national newspaper has reported that firms are selling data about people’s salaries, investment values and pension size without their knowledge.
Cold-calling firms are also believed to be among those who are buying the data.
A spokesman for the ICO said: “We are aware of allegations raised against several companies involved in the cold calling sector, and will be making enquiries to establish whether there have been any breaches of the Data Protection Act or Privacy and Electronic Communications Regulations.”
The FCA said it would be co-operating with the ICO on this issue.
A spokesman for The Pensions Regulator said: “TPR is supportive of any action that the ICO is taking to ensure the fair and proper processing of member data.
“The people behind pension frauds are shapeshifters. They are sophisticated and well-organised so we have to be resourceful, tenacious and work collaboratively with government, law enforcement and other agencies.”
Jason Witcombe, director of London-based Evolve Financial Planning, said: “It is not on that people have had their data sold. This should not happen.”