PLSA comments on new pension cold calling ban consultation

The Pensions and Lifetime Savings Association (PLSA) has today (Friday) responded to a consultation on a pension cold calling ban. The consultation is seeking technical views on draft regulations to ban pensions cold calling.

Responding to the consultation, James Walsh, Policy Lead: Engagement, EU & Regulation, at the Pension and Lifetime Savings Association (PLSA), said:

"We are pleased the Government has today reconfirmed its commitment to protecting savers from pension scams. The cold-calling ban is a much needed first step in helping people avoid high risk or fraudulent investments that could result in the loss of their pension savings. Since the pension freedoms came into effect, there has been an increase in the number of people being contacted by fraudsters and this ban must be introduced without further delay. 

‘However this ban won’t be a silver bullet for stopping scams. This is why the PLSA also wants the Government to introduce an authorisation regime for pension schemes, to ensure savers can feel reassured that they are dealing with legitimate providers.”

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NOTES TO EDITORS

ABOUT THE PENSIONS AND LIFETIME SAVINGS ASSOCIATION

We’re the Pensions and Lifetime Savings Association; we bring together the pensions industry and other parties to raise standards, share best practice, and support our members. We represent over 1,300 pension schemes with 20 million members and £1 trillion in assets, across master trusts, defined benefit, and defined contribution schemes, and local government funds. Our members also include some 400 businesses which provide essential services and advice to UK pensions providers.

Our mission is to help everyone to achieve a better income in retirement. We work to get more people and money into retirement savings, to get more value out of those savings, and to build the confidence and understanding of savers.

PRESS CONTACTS

Robyn Margetts, Head of Media and PR, Pensions and Lifetime Savings Association
T: 020 7601 1726, M: 07713 073023, E: [email protected]

Steven Kennedy, PR Manager, Pensions and Lifetime Savings Association
T: 020 7601 1737, E: [email protected]

Kathryn Mortimer, Press Officer, Pensions and Lifetime Savings Association
T: 020 7601 1748, M: 07901 007 713, E: [email protected]