Published On: Tue, Aug 22nd, 2017

Protect the elderly: Crackdown on pensions cold calling must be priority, says ex-minister


More pensioners have been tricked out of their life savings after major changes allowed people to access their retirement cash.

Scams typically start with a call out of the blue, whereby victims are persuaded to hand over money to fake or bogus saving schemes.

The government has promised to ban cold-calling to help protect people.

And rules will also be changed so that is harder for conmen to open bogus pension schemes.

Actions will also stop money being transferred from workplaces schemes to fraudulent scams.

But the law may not be changed for another three years under Government proposals.

The timetable for change is to slow, according to Mr Webb, who is now director of policy at pension provider Royal London.

He said: “The fact that the government is planning to take action on cold-calling and on pension scams is very welcome, but the proposed timetable is worrying.

“With regard to cold-calling, the consultation says only that the government will be working on the details for the rest of this year and will then legislate ‘when Parliamentary time allows’.”

Mr Webb added: “With people being scammed every day, this is much too slow.

“Even if a measure is included in an Act of Parliament some time in 2018, there will then need to be more detailed ‘secondary’ legislation drafted and debated.

“Unless the government makes this a priority we could still see cold-calling well into 2019 or 2020.”


Celebrity Funny Gaming
Health Food-Recipes Books
Sports Lifestyle Music
Movies Business World
Fashion Top Stories Travel
Technology Education

buzzfix TODAY

Videos

Most Popular Posts