Simoney Kyriakou  

Scammers' last chance saloon

Simoney Kyriakou

Simoney Kyriakou

Cold-calling looks to be frozen out, eventually, as the government has outlined its plans to lay regulations on a ban later on this year.

This has been a long time coming – at least two years since the need for a ban on scammers getting their grubby mitts on people’s pension pots was first mooted. 

Since then, we have come so close to regulation that would put a stop to cold-calling, spurious texts and phishing emails that target those who are approaching retirement or who are already taking their pension. 

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We should have seen the legislation brought into force earlier this year, but when spring sprang, and no sign of the ban was forthcoming from Westminster, the industry and consumer groups were justifiably incensed. 

The government’s latest technical consultation – Seeking Technical Views on Draft Regulations to Ban Pensions Cold-Calling – indicates that there will be legislation later this year, possibly in quarter four. 

Of course, we have heard this before. Quarter four 2018 soon becomes the first half of 2019 (which, incidentally, is when the pensions dashboard should have been rolled out to consumers).

Meanwhile this summer looks to be a ‘last chance saloon’ for the scammers.

So while the sun shines, pensions scammers will do their darndest to make hay. They will take advantage of every possible delay to claw their way to people’s hard-earned pots.

Any further delay is just a kick in the false teeth of vulnerable pensioners, who are facing the ever-present threat of pension scammers.

Let us hope the government pays attention this time to all the consultation responses and acts sooner rather than later to prevent more people being conned out of their life’s savings.