Pensions cold calling ban is a victory in the battle against scams but threat remains

Commenting on the news that the ban on pensions cold calling has finally been approved by the House of Commons, Ian Bell, RSM's head of pensions said: 

'Frankly, it beggars belief that such a sensible measure has taken quite so long to make its way through Parliament. 

'That said, the ban is extremely welcome and will go some way towards protecting vulnerable people from being scammed out of their life savings. 

'However, this ban isn't a panacea. It won't, for example, stop people being targeted from outside the UK. It will also rely on there being effective enforcement that acts as a deterrent to others. 

'To his credit, John Glen, Economic Secretary to the Treasury, recognised in Parliament that this is not "job done". Scammers are very adept at evolving their modus operandi and vigilance will be needed to stay one step ahead.

'The Pensions Regulator also needs to keep up the pressure when it comes to building public awareness of pension scheme scams. They have recently had some success through their Scamsmart campaign but further work will be needed to ensure that the message becomes more deeply embedded in the public consciousness.'