There was one nugget in Philip Hammond’s first – and last – Autumn Statement that was met with almost universal approval: a crackdown on pension scams and cold-callers.
‘About time too’ seemed to be the general response, including from two former pensions ministers.
I certainly wouldn’t disagree with this sentiment. Pension Life, a group that helps fraud victims recover losses, estimates that people have lost a staggering £1.7 billion in pension scams in the past six years.
Action is well overdue. But before we get too carried away it’s worth noting that all we have at present are words, not action.
The Chancellor hasn’t introduced any ‘ban’ on cold-callers yet. All he’s announced is a yet-to-be-published consultation to discuss how this might work.
There is also no indication of who would police such a ban – and take effective action against firms found to have broken the rules.
The Financial Conduct Authority (FCA), the main financial regulator, said it hasn’t had any discussions about taking on this role.
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