Pension cold calling ban announced

By Helen Fisher on October 30, 2018

The cold calling ban spells change for many firms and advisers.

Update: The ban on pension cold calling officially comes into law on 9th January 2019. Cold calling regarding pensions is now prohibited. However, there are exceptions: if the call recipient consents to calls or has an existing client relationship with the caller, the caller has Financial Conduct Authority authorisation or is the manager or trustee of an occupational or personal pension scheme. 

A ban on pensions cold calling was announced in this week’s 2018 budget. Chancellor Philip Hammond stated financial advisers must not rely on lead generation companies who use cold calling to find new clients.

The government’s impact assessment states: “once the ban comes into force, the small proportion of financial advisers that use lead generation firms will need to stop using the services of these firms. They will continue to have other marketing options available to them to gain business.

“Lead generation firms will no longer be able to undertake pensions cold calling. If a lead generation firm relies heavily on contracts with IFAs to generate pensions leads through cold calling, they will need to adapt their business model.”

Reasons for the Cold Calling Ban

Pension firms, financial advisers, professional bodies, industry groups, consumer groups, charities and individual members of the public all consulted with the government to call for the ban.

The government has acknowledged the risk of fraud faced by members of the public from cold calling scams, stating:

“Pension scams can have devastating consequences, such as the loss of an entire pension fund.  On top of this, the chances of recovering these savings are very low, leaving most victims without the means to fund their retirement.

“Cold calling is the most common method used to initiate pension fraud. The serious consumer detriment caused by pensions scams means that the government has chosen to intervene directly to implement a pensions cold calling ban.”

Pension Leads from Lead Tech

Cold calling is against GDPR legislation. Lead Tech’s financial advice lead generation service never includes any cold calling. All leads that we generate for our financial advice partners are done in a way that is explicit, trusted and adheres to EU data protection rules.

Karen Malin of, Lead Tech’s compliance consultant, provides some reassurance over the regulation:

“Reading the headlines in the financial press this morning you would be forgiven for thinking that all lead generation for pension advice has been banned.

“What is actually happening is the government will debate the pensions cold calling ban and pass this into law as soon as possible in order to stop cold calling via telephone.”

Lead Tech is committed to providing high-quality pension and financial advice leads to all our partners. This is why we do not use cold calling as a lead generation tactic. Our lead generation process includes:

  • Explicit messaging across all of our lead generation landing pages, explaining to users that their details will be securely passed to a financial adviser only to deal with their enquiry.
  • Free training for financial advice partners on how to best deal with our leads. This includes contact strategies and conversion rate optimisation training.
  • Marketing lists that only hold and distribute to individuals who have explicitly opted-in to receive these communications from Lead Tech and its associated brands.
  • Customer service calls to follow up on their initial enquiry to ensure they got the advice they were looking for and are satisfied with their experience.
  • Ratings on Trustpilot for our consumer-facing brands, independently reviewed and generated from verified users who trust us and are happy with the service we provide.
  • Up-to-date privacy policy, cookies policy, and terms and conditions explaining how data is collected, distributed and stored in a way that protects privacy and is GDPR compliant.

If you would like more information or want to find out how we can provide new client opportunities to your financial advice business please call us on 01943 462 551 or email us at

Every lead we generate is someone actively looking for financial advice. Our regional business development managers are available to discuss how we can work together to boost client numbers, increase funds under management and grow your business.

Keep Reading

Introducing James Story, senior content manager

Lead Tech is pleased to welcome James Story as our senior content manager ... More

By James Story on March 12, 2020