24th November 2016
The Government will consult on how to ban pension cold calling and a wider range of pension scams. The legislation would become effective from 6 April 2017. Cases would be dealt with by the Information Commissioner’s Office, which could impose fines of up to £500,000.
Jonathan Watts-Lay Director, WEALTH at work comments; “Pension savers getting scammed out of their retirement savings is a real issue. The problem is many of these scams look perfectly legitimate so are not easy to spot. Others offer investment returns which to be fair are too good to be true but people get sucked in. We work with many major employers to help educate their employees on what to look out for and the importance of getting regulated advice. Anything the Government can do to help is welcomed.”
The latest news is brought to you by WEALTH at work, a leading financial wellbeing and retirement specialist. WEALTH at work and my wealth are trading names of Wealth at Work Limited which is a member of the Wealth at Work group of companies.
Links to websites external to those of Wealth at Work Limited (also referred to here as 'we', 'us', 'our' 'ours') will usually contain some content that is not written by us and over which we have no authority and which we do not endorse. Any hyperlinks or references to third party websites are provided for your convenience only. Therefore please be aware that we do not accept responsibility for the content of any third party site(s) except content that is specifically attributed to us or our employees and where we are the authors of such content. Further, we accept no responsibility for any malicious codes (or their consequences) of external sites. Nor do we endorse any organisation or publication to which we link and make no representations about them.