Pension Calling

Day27

I made an enquiry about a SSAS pension product from a Facebook enquiry. The SSAS product is not regulated by the FCA. I gave them my phone number and email but are they allowed to telephone me as the pensions I hold are FCA regulated. They are a SSAS brokers I found out so they are not trustees or managers of a pension scheme? I am not going ahead but just wanted clarification over the rules please

HappyHarry

Day27 wrote: »

I made an enquiry about a SSAS pension product from a Facebook enquiry. The SSAS product is not regulated by the FCA. I gave them my phone number and email but are they allowed to telephone me as the pensions I hold are FCA regulated. They are a SSAS brokers I found out so they are not trustees or managers of a pension scheme? I am not going ahead but just wanted clarification over the rules please

They are breaking the rules on cold calling and you can, and should, report them here: https://ico.org.uk/make-a-complaint/nuisance-calls-and-messages/


From the Information Commissioner's Office:

The ban prohibits cold calling in relation to pensions, except where:

• the caller is authorised by the Financial Conduct Authority, or is the trustee or manager of an occupational or personal pension scheme, and;
• the recipient of the call consents to calls from the caller, or has an existing client relationship with the caller such as might give rise to an expectation of receiving cold calls from that caller.

https://ico.org.uk/about-the-ico/news-and-events/news-and-blogs/2019/01/law-changes-on-pension-cold-calling/


In future, probably best not to give your contact details out to unregulated pension scheme providers advertising via facebook :shocked:

dunstonh

I made an enquiry about a SSAS pension product from a Facebook enquiry.

With all the scam adverts on facebook, is that really a good idea?

. The SSAS product is not regulated by the FCA.

That is why a lot of scams use it.

SSAS is a really really niche pension option generally used by wealthy individuals with specialist needs. Under 1% of pension cases. It is highly likely that you shouldnt be going near a SSAS.

I gave them my phone number and email but are they allowed to telephone me as the pensions I hold are FCA regulated.

They are allowed to call you as its not cold calling. You gave them your contact details to call you.

Day27

Thanks for your replies, but your threads are contradictory. IFA’s can call me as they are regulated by the FCA but how can a broker call me that does not meet criteria 1?

The SSAS is a particular business product that I might need for a business opportunity. I do appreciate your warnings and good for other less experienced investors to read this.

coyrls

They did not cold call you, you gave them your details and as such, they can use your details to contact you.


Legislation relates to cold calling, if you voluntarily give your details, any subsequent call is not a "cold call".

noh

Day27 wrote: »

Thanks for your replies, but your threads are contradictory. IFA’s can call me as they are regulated by the FCA but how can a broker call me that does not meet criteria 1?

The SSAS is a particular business product that I might need for a business opportunity. I do appreciate your warnings and good for other less experienced investors to read this.

The previous replies are not contradictory.
You are not being cold called. You gave your consent to be called by providing your phone number.

Paul_Herring

IFA’s can call me as they are regulated by the FCA but how can a broker call me that does not meet criteria 1?

The criteria is they "cannot call you without prior contact," not "cannot call you under any circumstances unless registered with the FCA."

You contacted them first, so the no-calling rules don't apply.