Although Mr Cooke is someone who had not registered on my radar previously, there is no doubt that this Derbyshire-based chartered financial planner stole the show in 2016.
Not for his astute financial planning although I imagine that his badge words – ‘experience, trust, integrity’ – ring true. But because of his work in getting the Government to wake up to the menace of pension cold calling.
There is no doubt that pension cold calling is a plague on the financial services industry.Even more so since April 2016 when new Government rules allowed the over 55’s greater access to their pensions.
There was a barrage of emails, texts and phone calls from fraudsters, many trusting people have been persuaded to access their pension early or move it to a scheme where it is never seen again. Retirement dreams have been shattered. Tears have been shed.
Many warning pieces have been written about these fraudsters in the wake of April 2016 but no one did anything to stop them. The government simply sat back and allowed the pension freedom regime to bed down, warts and all. Laissez-faire in action.
Wearing his integrity hat, Mr Cooke decided this was not good enough. In September, he launched a parliamentary petition (as is anyone’s right) demanding for cold-calling on investments and pensions to be banned.
Although the petition did not get the required backing (10,000) from the general public for the government to respond to it, Mr Cooke’s actions caused waves. A number of leading financial services companies leant their support to Mr Cooke’s campaign, among them AJ Bell, Hargreaves Lansdown and Royal London.
The petition was also backed by leading newspapers including The Mail on Sunday.
Given the head of steam that Mr Cooke had created, it was no surprise when Philip Hammond, Chancellor of the Exchequer, confirmed in his Autumn Statement that a ban on pension cold calling would be introduced next year. Well done Mr Hammond. But bloody well done Mr Cooke. Financial adviser extraordinaire.
I think that financial fraud is one of the issues of our time. Certainly in terms of the financial services industry it is the big issue. Bigger than greater fees transparency on investment funds (a major issue in its own right) or allowing pensioners to sell their annuities for cash. Unless it is tackled head on, it will undermine the financial services industry.
Financial crime is not frowned upon in the same way as say robbery or burglary. Yet its consequences are equally destructive in terms of financial loss. So it is essential that it is tackled head on and that the perpetrators of such crimes pay a heavy price for their actions.
We all need to play our part in fighting this financial cancer. Financial services companies must do more to protect customers from these criminals. That means investing in better IT systems, cleverer IT personnel and devoting more resources to tracking down fraudsters.
Of course, the government and regulator must do their bit. The government’s proposed ban on pension cold calling – supported with big fines of up to £500,000 - is a start although it will be interesting to see how it is implemented. There should be no short cuts.
The regulator’s ‘ScamSmart’ initiative is another step in the right direction. Its focus on the over 55’s is commendable given it is these individuals who are most at risk.
The media must also do its bit. At The Mail on Sunday, we have launched a ‘stop the scammers’ campaign – a campaign that will run into 2017. It has already received praise from Richard Harrington, Parliamentary Under Secretary of State for Pensions. Other media outlets should warn readers about this new financial plague.
Ten days ago, I was minding my own business at the Hawthorns, home of West Bromwich Albion Football Club, when a gentleman stopped me in my tracks.
His name was Neil White, a director of Darlington-based independent financial adviser Atkinson White Partnership. He recognised me from my picture in Financial Adviser. Straightaway, we got talking about financial scams.
He came up with a great idea to highlight the devastating impact of financial crime on the over 55s. He believes it should be a theme picked up by one of the major soaps, Coronation Street or Eastenders.
If a mainstay character from one of these soaps were to lose their life savings in one of these cold calling scams, Mr White said, it would reach a far bigger audience than any advert from the Financial Conduct Authority. At an instant, it would raise financial education about this beastly crime.
What a great idea Mr White. The best I’ve received all year (a story line for Eastenders’ Ian Beale or Corrie’s Kevin Webster?) Mr Cooke is still my 2016 financial adviser of the year though.
Jeff Prestridge is personal finance editor of the Mail on Sunday
