Claim management firms are selling on data to pension scammers, The Pensions Advisory Service (TPAS) has claimed.
Michelle Cracknell, chief executive of TPAS, says the organisation has heard from a number of people who have been in contact with firms that offer to claim Payment Protection Insurance (PPI) compensation and have then been cold-called by pension scammers.
“We have a number of those examples where this cross-selling situation is happening,” Cracknell said.
Cold call ban won't help
The news comes as many pension experts warn that the Government’s plan to ban cold calling will do little to stop scammers.
The Government announced plans for a ban on cold calls, emails and texts designed to scam people out of their pensions back in August, but a date for its introduction has yet to be revealed.
“I totally support the ban on cold calling, but what is most important is to build it with a very big awareness campaign,” says Cracknell.
“Because the pickings are far too rich for these scammers to stop. People will not be safe with just the cold calling ban.”
It is estimated that eight people are cold called every second in the UK – that’s 250 million calls per year.
Given that your pension is probably the biggest pot of cash you have scammers are increasingly targeting them, with an estimated £43 million taken in pension scams since April 2014, according to Government figures.
Scammers managed to grab £5 million from people’s pension pots in just the first five months of 2017.
Victims of pension scams lose an average of almost £15,000.