Friday, 23 September 2016 10:14

Financial Planning boss in quest to outlaw pension cold calls

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The petition could trigger a debate in Parliament if it attracts enough support The petition could trigger a debate in Parliament if it attracts enough support

The director of a Financial Planning firm has begun a quest to make pension cold calls illegal.

 Chartered Financial Planner Darren Cooke has launched a petition and urged industry colleagues to help him consign unsolicited investment phone calls to history’s scrap heap.

Mr Cooke APFS, Cert PFS (DM), director of Red Circle Financial Planning in Derbyshire, has started the campaign on the Government’s official petition page.

At 10,000 signatures, the Government has to respond and it would trigger a Parliamentary debate at 100,000.

Already, the campaign has collected 332 signatures in the first day or so, with many advisers and pensions professionals lending their support.

Andrew Tully, ‪pensions technical director at Retirement Advantage, David Brooks, technical director and consultant at Broadstone, and Financial Planner Rajesh Modha, are among those giving public backing.

Mr Cooke stated on the petition: “Cold calling by phone or email for investment or pensions should be made illegal.

“Cold calling on investments and pensions to members of the public very often leads to unregulated investments and scams.

“Banning cold calling would dramatically reduce the number of people falling prey to fraudsters and losing their savings and pensions.”

On Wendesday The Pensions Regulator revealed it is looking to work with the Information Commissioner to see how it might crackdown on cold calling as part of a project to tackle scammers.

TPR outlined how it is assessing the threat and risk posed by fraudsters through a scheme working with national crime tackling bodies. Mike Broomfield, head of intelligence at The Pensions Regulator, speaking at the AMPS Conference in London, was asked about the problem of cold calls.

He revealed that as part of Project Bloom, TPR is talking with the Information Commissioner’s Office “to see what we can do with that subject matter”.

He said: “We will work with ICO to see what we can do on that aspect.”

Mr Cooke’s campaign has generated interest on social media, with a selection of comments shown below. To sign the petition, see the link on the last comment below.


Last modified on Friday, 23 September 2016 10:25
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