Petition calls for ban on pensions and investment cold calling

Girl screaming with her hand on the phone

A petition to ban pension and investment cold-calling is gaining momentum and has won endorsement from former pension minister Steve Webb, who now works as director of policy at Royal London.

The parliamentary petition, started by financial adviser Darren Cooke, has attracted just over 3,600 signatures. If the petition reaches 10,000 signatures by 21 March 2017 the government will have to respond formally. Petitions that receive 100,000 signatures will be considered for debate in parliament.

As well as winning backing from Webb and Royal London, the petition has received support from networks of financial advisers and pension experts. Consumer champion Martin Lewis has also pledged his backing.

Gathering momentum

The petition, which can be signed here, states: 'Cold-calling on investments and pensions to members of the public very often leads to unregulated investments and scams. Banning cold-calling would dramatically reduce the number of people falling prey to fraudsters and losing their savings and pensions.'

Author of the petition, Darren Cooke, comments: 'This campaign is gathering momentum and I'm pleased to welcome Royal London as the first major pension provider to support the petition.

'I hope that other providers across the industry will now give their support. It is vital that we unite to tackle the scourge of cold-calling.'

Phil Loney, chief executive officer at Royal London, adds: 'As a member-owned business, Royal London is focused on ensuring the best outcomes for consumers.

'Unless tougher action is taken on cold-calling, vulnerable people will continue to be at risk of unscrupulous sales calls which can put their savings at risk. I am pleased to commit Royal London to supporting this campaign.'

This story was originally written for our sister magazine, Money Observer.