Pensions Cold Callers Face £500K Fine Under Ban, Gov't Says
Law360, London (January 9, 2019, 11:56 AM GMT) -- British companies face fines of up to £500,000 ($636,000) from Wednesday if they make unsolicited phone calls seeking pensions business, HM Treasury said, as a long-awaited ban to tackle "devastating" savings fraud entered into force.
The prohibition is designed to prevent unscrupulous businesses from "cold-calling" individuals about their pensions, the Treasury said. The government department wants to end nuisance calls from fraudsters who attempt to steal their victims’ life savings, which can leave individuals without the means to fund their retirement.
The measures, under the Financial Guidance and Claims Act, come into force after the Financial Conduct Authority found in August that pension...
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