Cold Calling Bans Needed, Says Citizens Advice

Published on in Banking News by

Many people find cold calling to be extremely annoying and now Citizens Advice has raised the issue, saying financial services such as claims management companies, pension unlocking services and credit brokers should be banned from using the approach.

nuisance calls

A new Ofcom study revealed that 82% of adults received a nuisance call during the past month and when able to identify the caller 22% were for PPI claims and 10% were recorded sales calls were about pension rebates.

The ongoing PPI scandal is a constant reminder why it is so important to compare bank accounts.

Separate research from Citizens Advice found that 35% of complaints about financial services were from a cold call and furthermore that there was a direct correlation between bad financial services and leads generated by cold calling.

The research sampled 1,845 complaints concerning the financial sector between January and February 2013 and found that 35% of the cases had evidence of cold calling, unexpected text messages, letters and spam emails.

Almost all of the calls regarding pension unlocking services were cold calls and 13% of complaints dealt with personal or bank details being passed from company to company without permission.

Citizens Advice Chief Executive Gillian Guy said: “People are being hounded in their homes by unscrupulous financial firms. Without a ban on cold calling for financial services people are at risk of losing some of their pension to scams or paying upfront fees for services that don’t deliver.

“A ban on cold calling will make it clear that if you are still contacted out of the blue then it is a scam or a service not to be trusted.”

Although the best thing to do is simply ignore the calls or end them abruptly, you can forward spam texts to your mobile provider for them to take action via dedicated numbers.

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