Thursday, 27 October 2016 10:07

Chartered planner's cold call ban quest wins further backing

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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

A quest to make pension cold calls illegal is gathering momentum, the director of a Financial Planning firm says.

Chartered Financial Planner Darren Cooke’s official Parliamentary petition has attracted nearly 2000 signatures and has today won the backing of Royal London. This is the latest in a line of firms supporting his campaign.

He has 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, said: “This campaign is gathering momentum and I’m pleased to welcome Royal London as the first major pension provider to support the petition. I hope that other providers across the industry will now give their support. It is vital that we unite to tackle the scourge of cold-calling.”

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

Royal London’s CEO Phil Loney said: “As a member-owned business, Royal London is focused on ensuring the best outcomes for consumers. Unless tougher action is taken on cold-calling, vulnerable people will continue to be at risk of unscrupulous sales calls which can put their savings at risk. I am pleased to commit Royal London to supporting this campaign.”

The petition states: “Cold calling on investments and pensions to members of the public very often leads to unregulated investment and scams. Banning cold calling would dramatically reduce the number of people falling prey to fraudsters and losing their savings and pensions.”

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.‬

At the AMPS conference last month 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.

To sign the petition, see the link on the last comment below.

 

Last modified on Thursday, 27 October 2016 10:10
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