The Work and Pensions Committee will be publishing today a report as part of its enquiry into pension freedoms. The report calls for the government to act now in banning cold calling on pensions and to work harder to encourage investors to take Guidance before accessing their pensions.
Tom McPhail, Head of policy:
"There is widespread support across the pensions industry for the government to do more to help protect investors from fraudsters. A ban on cold calling and better guidance are both likely to help, however it is important any interventions are carefully thought through. The ban would have to be policed and would have to avoid interfering with legitimate business activity; guidance at retirement is useful for many but it is questionable this can be delivered effectively to all those approaching retirement by public services alone. If it is to be made the default, the government should explore how to harness the resources of the pensions industry to engage and guide its customers."