Cold calling, is there really any reason not to ban it?

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Financial scams are a cancer eating away at our profession, undermining credibility, whilst costing investors and advisers millions of pounds each year.

I’m therefore delighted to see a group of advisers standing up and trying to make a difference.

But they need your help.

Free pension reviews

Most scams start with a cold call offering a free investment or pension review. You and your clients have probably had such calls, which in my experience spread lies and fear, whilst promising high guaranteed returns.

We know where these calls often lead; to an unsuitable sale, fat commissions, large losses for the investor and, ultimately, the financial liability dumped on the ‘good guys’ in the form of higher levies.

It’s clear from their response to a question tabled in the House of Lords by Baroness Altman, that the Government has no immediate plans to address the issue of cold calling.

Frankly, I’m not even sure they believe there is a problem; I can assure them there is.

I’m therefore delighted to see that a small group of advisers has launched an online petition calling for cold calling to sell investments and pensions to be banned.

Yes, I know, another petition, but bear with me.

This has the potential to do some good and it’s clear the Government needs some convincing that the issue needs to be addressed.

I want to ask for a few minutes of your valuable time:

  • To sign the petition yourself by clicking here, and
  • To contact your clients and ask them to sign it; we have even produced a template letter you can use to do this, which you can find by clicking here

Time for a ban to cold calling

Ultimately, it would be great to see cold calling to sell pensions and investments banned.

No, it won’t completely stop pension scams and miss-selling, but it’ll disrupt the fraudsters and scammers.

There’s another benefit too.

If the petition attracts the publicity it deserves, and it has already been featured in the national press, it will send a message loud and clear to the general public, that only one person wins from a cold call, and it isn’t them!

So, whatever your motivation, whether it’s investors being duped into making poor decisions, or frankly, the pain in your pocket of higher levies, please click the link and sign the petition.

The link again: https://petition.parliament.uk/petitions/166980

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