The Personal Finance Society has said it wants the Government’s pension cold-calling consultation to be extended to general investments and other forms of communication.
A consultation on implementing a pension cold-call ban was launched this month after being trailed in November’s Autumn Statement, which confirmed telephone calls to unsolicited clients would be illegal.
The PFS now also wants the ban to extend to general investments and cover text messages, e-mail and other forms of communication cold-callers use to manipulate customers.
The professional body is working with the FCA’s Scam Smart initiative to urge advisers to spend 15 minutes each month to “scour” press, web and telephone promotions to help identify and report scams.
PFS chief executive Keith Richards says: “It’s not only policymakers that have a responsibility to act. The PFS’s national anti-scamming campaign calls on financial advice professionals to join the fight against scammers. They are best placed to spot potential scams and have a vested interest in contributing to the wider effort of protecting consumers.”
Under the proposed measures, pension scammers could face fines of up to £500,000.