The Liberal Democrat’s spokesperson for work and pensions, Stephen Lloyd, has blasted the government over its failure to implement a cold calling ban, especially in light of new figures on pension scams.
The government was meant to launch a cold calling ban by the end of June 2018, but failed to meet its deadline. It has since launched a second consultation on the ban, which will run until 17 August 2018, with a view to lay regulations before parliament in the autumn.
The Pensions Regulator and the Financial Conduct Authority has since launched a new ScamSmart campaign urging people to be aware of scammers targeting their pension savings.
The regulators said cold calling is the most common method used to initiate pension fraud, followed by contact via post or email.
As part of the campaign, the regulators revealed that in 2017, those who fell victim to a scam lost on average £91,000. Lloyd has welcomed the campaign from the regulators, but stated that it highlights that the government is still unable to do its job and “just implement the ban”.
“It really isn’t that difficult and these shocking figures from the regulators show how important bringing the cold call ban in should be which is why it’s an absolute disgrace the government have delayed. Why? We know how it works and this damning report shows how badly it’s needed. I urge the pensions minister acts before even more people’s retirement plans turn to dust,” he said.