The long-awaited legislation banning the cold-calling of those aged 55 and over, with pension funds, comes into force today.
This new law is designed to stem the dramatic rise in pension fraud that has occurred since the introduction of pension freedoms in 2015.
Anyone wishing to contact a pension policyholder by phone can only now do so with their expressed consent. Those caught ignoring the new rules risk a penalty of up to £500,000.
Therefore, it is important to recognise that a legitimate professional adviser or pension company will never make contact by text or phone call in an unsolicited manner. Any such approaches should be ignored and if possible, reported to the relevant authorities.
The authorities are aware that fraudsters are innovative and will be keeping a close eye on any changes to the way they operate.
By Andrew Brown, Director.