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Press comment: DWP tackles pension scams with cold calling ban


If you are covering the Department for Work and Pensions announcement concerning pension scams, please see the following comment from Old Mutual Wealth head of retirement policy, Jon Greer:

Jon Greer"Pension freedom reforms opened up opportunities for people in retirement, but they also signaled open season for scammers.

“Let’s face facts, many cold callers today will already be operating illegal pension scams. The DWP stats published today show they have successfully stolen millions from retirement savings. If they are already willing to break the law, a cold calling ban won’t stop them.

“So the main benefit of this ban is really to raise public awareness and make sure they are suspicious of any cold calling activity.

“If you receive a unsolicited call offering a “pension review” you should always hang up and instead discuss your options with a financial adviser that you know and trust.

“Some people will slip through the net, however, and unwittingly attempt to switch their pension into an fraudulent scheme. So it is right that the government has also taken steps to close loopholes that have enabled unscrupulous individuals to set up pension schemes, and have given trustees greater power to block transfers if they have concerns.”

For more information contact

Tim Skelton-SmithOld Mutual Wealth02380 916 99807824 145
Michael GlenisterOld Mutual Wealth020 7778 963807469

Notes to editors:

About Quilter plc:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £118.1 billion in customer investments (as at 30 September 2018).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions and discretionary fund management.

The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management.

Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

Advice and Wealth Management encompasses the financial planning network, Intrinsic; Quilter Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

The Quilter plc businesses are being re-branded to Quilter over a period of approximately two years:

• The Multi-asset business is now Quilter Investors

• Intrinsic to Quilter Financial Planning

• The private client advisers business is now Quilter Private Client Advisers

• The UK Platform to Quilter Wealth Solutions

• The International business to Quilter International

• The Heritage life assurance business to Quilter Life Assurance

• Quilter Cheviot will retain its name

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.