Pensions - Articles - Aegon and Royal London comment on regulators scam campaign

 Kate Smith, head of pensions at Aegon: “To date the regulators’ focus on consumer protection has not worked, so we’re pleased that they’re trying a different approach to raise awareness via TV, radio and online adverts. Pension scams continue to ruin peoples’ lives and future retirement plans, yet a ban on cold calling to help snuff out the threat of fraudsters, remains on ice. Government needs to treat this as a priority. Naturally consumers feel exposed and angry when they get taken in.

 “Educating the public is a step forward, but consumers are crying out for a solution now, which can only come through a joined up approach between the regulators and the government.

 “Until then people’s savings will continue to be treated as a honeypot for fraudsters, who constantly find new ways to trick them and steal their lifetime savings.”
  

 Royal London pension expert Helen Morrissey said: “This joint initiative by regulators on scams is most welcome, but government needs to be much more proactive. Many scams start with a cold call on the telephone yet the government continues to dither and delay over the cold-calling ban. And the main regulation on electronic communications still refers to ‘facsimile machines’ but has nothing to say about social media. Until the government takes this issue more seriously it will remain two steps behind the scammers”