Update – 19th November
The Treasury has announced that: “Philip Hammond will use this week’s Autumn Statement to announce the government’s intention to ban pensions cold calling, protecting millions of vulnerable people and cutting off the main route through which cowboys trick people out of their life savings.”
We welcome this news and look forward to seeing more detail over the coming days. In the meantime we would urge everyone to stay vigilant and never take advice about your pension following a cold call.
Help us to ban cold calling, to sell pensions and investments, and cut down the number of people scammed out of their life savings.
This site is here to provide more information about our campaign and explain why you should support us by signing the petition.
Why do we want cold calling banned?
Pension and investment scams, costing millions of pounds each year, usually start with a cold call from a UK based call centre.
Our belief is simple; if we cut off the ability to cold call, this will disrupt the scammers.
Furthermore, the campaign will create greater awareness of the dangers cold callers present. This will help get the message across that you should never take advice about your pension as a result of a cold call.
Are pension and investment scams really such a big a problem?
Yes, the evidence clearly shows they are:
Double the scams in a yearCity of London Police believe that the amount of money taken in scams relating to pensions has almost doubled in the past year (Telegraph)
10.9m consumers targeted last year10.9 million consumers, equivalent to 1 in 3 adults, have received unsolicited contact about their pension in the last year (Citizens Advice)
£600m lost from the UKThe industry estimates that the current loss to the UK from this fraud type is £600 million (Action Fraud)
Sophisticated crimeA massive 88% of people miss common warning signs of a pensions scam, such as unusually high investment returns, cold calling and offers of free financial advice
But, statistics don’t count the human cost
Not everyone is able to spot a scam; unless something is done, the most vulnerable will continue to be preyed upon by scammers.
The next victim could be a member of your family; your mother, father or grandparent.
Let’s stop that happening and ban cold calling to sell investments and pensions, now.
Isn’t cold calling already banned?
No, contrary to popular belief, it isn’t.
Cold calling was banned to sell mortgages over a decade ago.
Given the misery causes by scammers, we believe it is a scandal that the ban hasn’t been extended to investments and pensions.
How can you help?
There are two ways you can help:
#1 Sign the petition
If the petition reaches 10,000 people, the government must provide a formal response.
If we get 100,000 signatures the petition will be considered for a debate in Parliament.
Please, click the link now and show your support, the more support we get, the sooner cold calling will be banned.
Businesses and organisations supporting the campaign include:
We are delighted that the campaign has caught the imagination of both the personal finance press.
We would like to thank these publications, and their journalists, we appreciate your on-going support.
Some examples of the wide coverage the campaign has received:
1,000s sign petition demanding ban on pensions and investment cold calling (MoneySavingExpert.com: 28th October 2016)
Industry backs petition to ban pension cold-calling (Financial Reporter: 28th October 2016)
Petition to ban pensions cold calling wins industry backing (Pensions Age: 28th October 2016)
Royal London backs IFA petition to ban cold-calling (Professional Adviser: 27th October 2016)
Providers unite to back petition banning cold calling (FT Adviser: 27th October 2016)
Chartered planner’s cold call ban quest wins further backing (FP Today: 27th October 2016)
Royal London backs ban on pension cold calling (New Model Adviser: 27th October 2016)
PFS pledges support to adviser’s cold calling petition (Money Marketing: 26th October 2016)
Pension fraud losses jump 25%, say police (Citywire Money: 25th October 2016)
Networks back IFA’s petition to ban cold calling (New Model Adviser: 19th October 2016)
Cold calling, is there really any reason not to ban it? (Sense Network: 19th October 2016)
Why banning cold calling can stop the pension scammers (New Model Adviser: 12th October 2016)
Annuity reforms ‘train crash waiting to happen’ if action not taken on scammers (Money Observer: 7th October 2016)
Ban pensions ‘sharks’ from preying on Derbyshire families (Derbyshire Telegraph: 4th October 2016)
Government challenged in Lords over pension cold callers (Citywire Money: 3rd October 2016)
Ban pension and investment cold calls to stop scams – financial advisors (Love Money: 30th September 2016)
Ban cold calling to stop pension scams, Government urged (Telegraph: 29th September 2016)
Adviser launches parliamentary petition to ban cold calling (FT Adviser: 23rd September 2016)