Well, many of the cold callers are criminals out to con you and they will probably just move their operations overseas. However I think that this ban would mean that it will be less easy for them to call on people and sit in their living rooms for hours until they sign.
I do not know anyone caught by these scams, but I worked for a nationalised industry when contributing to the company pension scheme became non-obligatory and you could move funds elsewhere.
The pension fund could not advise people because that would be seen as undue influence, but it was a time when obligatory union membership had just been banned, but all but a few staff were still in the union and the union ran a big advice campaign, in union newsletters, on noticeboards and delivered to our desk. It made it very clear, that nothing then available could compare with the pension you would receive if you stayed in the company scheme and warned of criminals out to scam the innocent.
Despite that, quite a few people did leave the scheme and now and again someone will appear on the media, aggrieved over their pension compared with compatriots who stayed in the company scheme and claiming that no one gave them any help and advice at the time, but the help and advice was there, they either didn't bother to read any of it, or they thought they knew better.
I think it should be compulsory to consult with a financial adviser, registered with the FCA, before being allowed to move funds. However you cannot protect people from themselves and if people choose to ignore professional advice they have to live with the consequences.
LaraGransnet (GNHQ) Wed 09-Jan-19 13:08:35
M0nica Wed 09-Jan-19 17:04:43
FarNorth Wed 09-Jan-19 18:20:54
MissAdventure Wed 09-Jan-19 20:34:49
Grannybags Wed 09-Jan-19 20:41:49
Willow10 Thu 10-Jan-19 07:54:26
Davidhs Thu 10-Jan-19 09:05:56
KatyK Thu 10-Jan-19 10:41:13
POGS Thu 10-Jan-19 13:05:50
petra Thu 10-Jan-19 16:31:18