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PFS pledges support to adviser’s cold calling petition

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The Personal Finance Society is in talks with the FCA over how to better protect the public against scammers as it pledges its support to an adviser’s petition to ban pension cold calls.

PFS chief executive Keith Richards says tackling cold calls are part of its discussions with the regulator.

He says scams and fraud have an impact on the way consumers view the advice sector.

Richards says: “To a large extent that has ramifications and an impact on the reputation on the advice profession as many consumers do not always differentiate between these kinds of firms.”

The PFS has also signed up to a petition started by Red Circle Financial Planning director Darren Cooke to ban pension cold calls in order to stop vulnerable individuals being sold unregulated investments or getting taken in by scammers.

The petition currently has more than 1,800 signatures and needs to reach 10,000 by 21 March  for the Government to respond.

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Comments

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  1. A worthy cause but I predict all manner of practical obstacles to enforcing such a ban, such as the use of 141 prefixes, calls from outside the UK and, in my experience, even if you do call back, you just get a short recorded message before the line goes dead.

    And how do you define the difference between legitimate tele-marketing and nuisance calling? The only way to get to the firm that’s commissioned the cold call is entrapment ~ go along with the caller and eventually find out the root source of the campaign. Even then, it could be difficult to nail the guilty party ~ No, no, we didn’t commission any tele-marketing campaign, we just occasionally buy ready-to-go leads from this firm, but we’ve never met them. They just phoned us one day and asked if we might be interested in quality leads so we said okay, we’d give it a try. How do you prove otherwise?

    A public awareness campaign is the only thing that can be done.

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