Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

HAMMOND’S VOW TO CONSULT ON PENSIONS COLD CALLING WELCOMED “CAUTIOUSLY”

The Chancellor’s pledge to consult on how best to ban pensions cold calling and a wider range of pension scams has been welcomed with cautious optimism, by the director of a leading pensions campaign group.

 The comment from Angela Brooks, Director of Pension Life, set up to identify and prevent pension scams, close loopholes in pension law and rescue victims of pension and investment fraud, comes after Philip Hammond delivered his first – and last – Autumn Statement today.

 Ms Brooks comments: “We are cautiously optimistic about the Chancellor’s vow to consult on banning pensions cold calling.

 “Pension Life is currently working on rescuing hundreds of victims of £1.7bn worth of lost pension funds. Many of these people were scammed out of their retirement income due to such cold calling practices.”

 She continues: “The Pension Life team and their many supporters in the industry are very pleased that at long last the government’s shameful policy of inaction appears to have made one small corrective step in the right direction.  However, it is a step that could be a complete waste of time and indeed counterproductive – if it is not reinforced by a number of other essential measures – otherwise the scammers’ cold-calling operations will simply change tactics.

 “What the government does next must be examined faithfully in the context of the DWP’s historical failures to address the question of pension and investment scams this past couple of years.”

 In a statement at the weekend, Ms Brooks said: “If we’re now heading towards some form of prevention, the government now needs to tackle the problem of the damage this scourge of the financial services industry has caused both in the UK and offshore in the past six years.  Thousands of victims have been left financially crippled – not just by the scammers but also by HMRC – while the regulators and ombudsmen have twiddled their thumbs.

 “Hopefully, this will be the start of a sea of change in Britain’s attitude to fraud and a serious collection of effective measures put in place to prevent more scams and thwart the armies of scammers in all jurisdictions.”