Financial Product Cold Calling to be Banned in UK

cold calling ban uk

IN THIS ARTICLE

Under a proposed new law, the UK is set to ban cold calling of financial products.

The change comes as part of a clampdown on fraud by prohibiting telemarketing calls for financial products such as insurance and cryptocurrency schemes.

The plan to combat fraud includes measures to prevent “spoofing” of phone numbers. This is when con artists alter the telephone number and name displayed on the recipient’s Caller ID to deceive them into believing a call is legitimate.

Also prohibited are so-called “Sim Farms” in which a significant number of Sim cards are used to send text messages in bulk.

In addition, a new National Fraud Squad of 400 investigators is also set to be established to target those committing fraud. According to the government, the new fraud squad will collaborate with local and international forces and British intelligence services.

A £30 million fraud reporting service has also been confirmed, which will replace the existing Action Fraud service.

The proposals have been welcome by consumer groups. Prime Minister Rishi Sunak said that the new rules will tackle “cold-hearted” scammers who “ruin lives in seconds.”

Author

Financial Product Cold Calling to be Banned in UK 1

Gill Laing is a qualified Legal Researcher & Analyst with niche specialisms in Law, Tax, Human Resources, Immigration & Employment Law.

Gill is a Multiple Business Owner and the Managing Director of Prof Services - a Marketing Agency for the Professional Services Sector.

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