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CAB voices concerns over cold calling

CAB voices concerns over cold calling

Category: Money

Updated: 17/05/2013
First Published: 17/05/2013

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The Citizens Advice Bureau (CAB) has slammed the practice of cold calling in the financial service industry and called for an all-out ban to protect customers.

A survey by the CAB found 35% of complaints about claims management companies and credit brokers were as a result of unsolicited calls, whilst 97% of cases regarding pension unlocking firms were linked to cold calling.

Over 1,800 complaints were analysed by the bureau, with 281 cases linked to cold calling from payday lenders and 561 from firms offering to claim back money on the consumer's behalf. Around 379 of disputes in this bracket were with payment protection insurance (PPI) claims companies.

The CAB confirmed it had handled over 30,000 cases relating to cold calling from financial service firms between April 2012 and March 2013.

Citizens Advice Chief Executive Gillian Guy said: "People are being hounded in their homes by unscrupulous financial firms."

Ms Guy claimed cold calling from financial services was putting people at risk of losing some of their pension pots to claims scams.

"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," she concluded.

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