9 January 2019
The Pension Scams Industry Group (PSIG), the voluntary body set up to support trustees,
providers and administrators in combating pension scams, has responded to the
Government’s new regulations to ban cold-calling, introduced today.
Margaret Snowdon OBE, Chair of The Pension Scams Industry Group (PSIG) said:
“We welcome these regulations to ban cold calls in relation to occupational and personal
pension schemes. PSIG called for a change in the law when we first published our voluntary
Code of Good Practice in Combating Pension Scams in 2015, so we are encouraged to now
be seeing this coming into force.
“Of course, a ban on cold calling will not deter all scammers, but anything that makes it more
difficult is a good thing. A significant public awareness campaign will now be vital to ensure
that the man in the street is aware that cold calls about their pensions are now illegal.
“PSIG was first established to focus on the non-legislative actions the industry can take to
help reduce the number of transfers into rogue arrangements and version 2.1 of our Code of
Conduct will be published before Spring. We are also working on how to collect and share
information on scams to help empower schemes and providers who want to support their
prevention.”
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