Cold calls for financial products including insurance and mortgages could be banned by ministers under new plans
- The move aims to clamp down on fraudsters who try to entice people on phone
- It’s a key element of the Government’s fraud strategy, which was revealed in May
Cold calling for financial products, including insurance and mortgages, could be banned under plans set out by ministers.
The move aims to clamp down on fraudsters who ring up people to entice them into signing up for phoney deals.
Officials believe that once all cold calling is made illegal, the public will realise that any unsolicited calls they get about a financial product are a con.
The initiative is a key element of the Government’s fraud strategy which was unveiled in May.
Security minister Tom Tugendhat said: ‘The cold calling consultation is an important step forward in our efforts to block fraud at the source. It will have a major impact once it is in force.’
He added that fighting fraud is at the ‘heart of our campaign to fight crime’.
Cold calling for financial products, including insurance and mortgages, could be banned under plans set out by ministers (Stock Image)
Security minister Tom Tugendhat said: ‘The cold calling consultation is an important step forward in our efforts to block fraud at the source. It will have a major impact once it is in force.’
A consultation on how the ban will be introduced will run until the end of September. It will also look at the unsolicited marketing of financial products via social media and door-to-door selling.
Cold calling on pensions and claims management services is already banned.
Fraudulent investment schemes cost victims £750million in 2022-23, data from the City of London Police reveals.
In a further crackdown, a specialist team that provides support to fraud victims – the National Economic Crime Victim Care Unit – has been rolled out across England and Wales. Mr Tugendhat said in May that he was ‘absolutely committed’ to cutting fraud by 10 per cent.
The Government’s strategy aims to reduce the 3.68 million fraud offences in England and Wales by more than 360,000 a year by the end of the current Parliament – January 2025 at the latest.
Currently, only one in 1,000 offences is successfully prosecuted.
Every year, more than 300 fraud victims, including those driven to the brink of suicide, contact Action Fraud, the official anti-fraud hotline.
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