Law changes on pension cold calling

9 Jan 2019 11:19 AM

Cold calls about pensions are now illegal in some circumstances following a change in the law.

Unsolicited calls are the most common method for companies who operate pension scams to contact people and new legislation introduced by the government from 9 January aims to tackle this.

ICO Investigations Manager, Andy Curry, yesterday said:

”These calls cause untold misery to thousands of people and we are pleased that the law now offers greater protection to stop them being scammed out of their hard-earned pensions by unscrupulous operators.

“The ICO has powers to go after companies who make these nuisance calls and their directors and can impose fines of up to £500,000. We would encourage people to report calls like this to us to help us take action.”

The ban prohibits cold calling in relation to pensions, except where:

• the caller is authorised by the Financial Conduct Authority, or is the trustee or manager of an occupational or personal pension scheme, and;
• the recipient of the call consents to calls from the caller, or has an existing client relationship with the caller such as might give rise to an expectation of receiving cold calls from that caller.

For further information, read our updated guidance for businesses in the telephone marketing section of the guide to the Privacy and Electronic Communications Regulations (PECR).

We have also updated our nuisance calls advice for the public. If you think you have received a call like this, you can report the details to us here.